Prepare the journal entries, that Shamrock should record on December 31, 2022. (Credit occount titles are autarnatically indented When amount is entered. Do not indent manually. If no entry is requlred, select "No Entry' for the account titles and enter 0 for the amounts Round answers to O decimal places e 58,971 .) Prepare the joumal entries, that Shamrock should record on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles end enter O for the amounts.) What amounts would appear on Shamrock's December 31, 2022, balance sheet relative to the lease arrangement? (Round answers to 0 decimal places, es. 58,971 ) Shamrock Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31,2020 . Annual rental payments of $7,000 are to be made at the beginning of each lease year (December 31 ). The interest rate used by the lessor in setting the payment schedule is 6%; Shamrock's incremental borrowing rate is 8%. Shamrock is unaware of the rate being used by the lessor. At the end of the lease, Shamrock has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Shamrock uses the straight-line method of depreciation on similar owned equipment. Click here to view factor tables. (a) Prepare the journal entries, that Shamrock should record on December 31, 2020. (Cnedit occount titles are outomotically indented when amount is entered, Do not indent manually. If no entry is required, select "No Entry' for the occount tittes and enter O for the amounts. Round present value factor colculations to 5 decimal places, es. 1.25124 and the final answers to 0 decimal ploces, es. 58,971 )