Python Company leased equipment from Hope Leasing on January 1, 2021. Hope recently purchased the equipment at a cost of $247,714. Other information: Lease term Annual payments Life of asset Fair value of asset Implicit interest rate Incremental rate 3 years $89,000 on January 1 each year 3 years $247,714 % 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. Of 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 Journal entry worksheet 1 2 3 14 Jann Irasing on January 01,