Question 1 Not yet graded / 10 pts Axle Equipment leased an asset to Beach Products, Inc. on September 30, 2021. Axle manufactured the equipment at a cost of $5M. The five-year lease agreement calls for Beach to make quarterly payments of $391,548, payable each Sept. 30, Dec. 31, Mar. 31, and Jun. 30, with the first payment at Sept. 30, 2021. Alxe's implicit interest rate is 12%. The useful life of the equipment is 5 years. Prepare all appropriate journal entries for Beach Products, Inc. for 2021.