Scape Corp. manufactures telephony equipment. Scape leased equipment to User, Inc. on January 1, 2021. Scape produced the equipment at a cost of $4,200,000. $469,857 at beginning of each period 5 years (20 quarters) Lease description: Quarterly rental payments Lease term No residual value; no BPO Economic life of equipment Implicit interest rate and lessee's incremental borrowing rate Fair value of asset 5 years 12% $ 7,200,000 Required: Prepare appropriate entries for both User and Scape from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). Complete this question by entering your answers in the tabs below. User Inc Scape Corp Prepare appropriate entries for User from the beginning of the lease through the second rental payment on April 1, 2021. Depreciation and amortization are recorded at the end of each fiscal year (December 31). (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 amounts.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 7,200,000 January 01, 2021 Right-of-use asset Lease payable 7,200,000 2 469,857 January 01, 2021 Lease payable Cash 469,857 3 April 01, 2021 Lease payable 267,953 201,904 Interest expense Cash 469,857 User Inc Scape Corp >