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 $3$ yearsAnnual payments $ $89,000$ on January $1$ each yearLife of asset $3$ yearsFair value of asset $ $247,714$Implicit interest rate $8\%$Incremental rate $8\%$ 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.