Python Company leased equipment from Hope Leasing on January 1, 2016. Hope purchased the equipment at a cost of $222, 666. There is no expected residual value. Required: Prepare appropriate journal entries for Python for 2016. Assume straight-line depreciation and a December 31 year-end. Hope has accounted for this lease as a direct-financing lease. Hope also uses the gross amount of payments to account for the receivable. Prepare Hope's journal entries for 2016