Problem 15-27 Modification of a lease (LO15-2, 15-3, 15-6) On January 1, 2018, Worchester Construction leased International Harvester equipment from Newton LeaseCorp. Newton LeaseCorp purchased the equipment from Wellesley Harvester at a cost of $1,013,598. Worchester borrowing rate for similar transactions is 119 The lease agreement specified four annual payments of $218,000 beginning January 1, 2018. the beginning of the lease and at each December 31 thereafter through 2020. The useful life of the equipment is estimated to be six years. The present value of those four payments at a discount rate of 11% is $750730. On January 1, 2020 (after two years and three payments), the Worchester and Newton agreed to extend the lease term by two years. The market rate of interest at that time was 10% (EV L$1. PV of $1. EVA LS1 PVA O SI EVAD OLSU and PVAD OLS1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the appropriate entries for Worchester Construction on January 1, 2020, to adjust its lease liability for the lease modification, 2. Prepare all appropriate entries for Newton LeaseCorp on January 1, 2020, to record the lease modification 3. Prepare all appropriate entries for Worchester Construction on December 31, 2020, related to the lease, 4. Prepare all appropriate entries for on December 31, 2020. related to the lease Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required Prepare the appropriate entries for Worchester Construction on January 1, 2020, to adjust its lease liability for the lease modification (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your intermediate and final answers to nearest whole dollar)