1. record the entry to lease the equipment from Hope Leasing on January 01, 2024.
2. Record the cash paid for annual payment.
3. Record the adjusting entry.
4. Record the entry for amortization expense.

Python Company leased equipment from Hope Leasing on January 1, 2024. Hope recently purchased the equipment at a cost of $222,664. There is no expected residual value. Required: Prepare appropriate journal entries for Python for 2024. Assume straight-line depreciation and a December 31 year-end. Note: If 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