Python Company leased equipment from Hope Leasing on January 1, 2021. Hope recently purchased the equipment at a cost of $347,655. Other information: Lease term Annual payments Life of asset Fair value of asset Implicit interest rate Incremental rate 5 years $82,000 on January 1 each year 5 years $347,655 9% 9% 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.)