Python Company leased equipment from Hope Leasing on January 1, 2021. Hope recently purchased the equipment at a cost of $327,720. Other information: Lease term Annual payments Life of asset Fair value of asset Implicit interest rate Incremental rate 5 years $ 76,000 on January 1 each year 5 years $327,720 8% 8% There is no expected residual value. Required: Prepare appropriate journal entries for Python for 2021. Assume straight-line depreciation and a December 31 year-end. (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.) View transaction list X > 1 Record the entry to lease the equipment from Hope Leasing on January 01, 2021. on 2 Record the cash paid for annual payment. 3 Record the entry for interest expense. 4 Record the entry for amortization expense. Credit