please tell me how you got your numbers

SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1) Elf Leasing purchased a machine for $480,000 and leased it to IGA, Inc. on January 1, 2021. $31,324 at beginning of each period 5 years (20 quarters) Lease description: Quarterly rental payments Lease term No residual value; no BPO Economic life of machine Implicit interest rate and lessee's incremental borrowing rate Fair value of asset os 5 years 12% $480,000 Required: Prepare appropriate entries for both IGA and Elf Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Amortization is recorded at the end of each fiscal year (December 31). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) Ctrl Date General Journal Debit Credit