Question 5 15 pts On January 1, 2019 Meigs Company, a manufacturer of construction equipment, entered into a lease contract to provide a sky-hook to the White Company. In formulating the lease contract, Meigs took the following factors into account: The machine was currently carried in Meigs'inventory at its manufactured cost of $1,900,000. The machine's normal selling price was approximately $2,215,000. The lease term was for ten (10) years. The lease includes a provision that would allow White to purchase the equipment for $100,000 at the end of the lease. It is anticipated that White will exercise the option. The lease payments would be $322,000 payable each January 1, with the first payment due January 1, 2019. The lessor (Meigs) will pay all normal costs of ownership (i.e, insurance and taxes). The lease was structured to provide Meigs a 10% return. REQUIRED: Prepare the journal entry on Meigs' (the lessor) books to record the lease on January 1, 2019. The table below may prove useful. Prepare the journal entry(ies) on Meigs' books to record the receipt of the first lease payment on January 1, 2019 and the December 31, 2019 interest accrual. Use the table format option in the answer space to add an element of structure to your answer. For example: Account debited $$ Account credited