Scroll down to complete all parts of this task. On January 1, Year 1, Drake Co. leased equipment from Brewer, Inc. Lease payments are $100,000, payable annually every December 31 for 20 years. Title to the equipment passes t Drake at the end of the lease term. The lease is noncancelable. Additional Facts: 1. The equipment has a $750,000 carrying amount on Brewer's books. Its estimated economic life was 25 years on January 1 , Year 1. 2. The rate implicit in the lease, which is known to Drake, is 10%. 3. Drake's incremental borrowing rate is 12%. 4. Drake normally uses the straight-line method of depreciation for equipment. 5. The economic life of the equipment did not change as a result of the lease. The rounded present value factors of an ordinary annuity for 20 years are as follows: To prepare each required journal entry: - Enter the corresponding debit or credit amount in the associated column. - Round all amounts to the nearest whole number. - Not all rows in the table might be needed to complete each journal entry. - If no journal entry is needed, check the "No entry required" box at the top of the table a your response. 2. Record the journal entries for the following accounts for Drake on December 31 , Year 1 , if any. 3. Record the journal entries for the following accounts for Drake on December 31 , Year 1 , if any. No Entry Required 4. Record the amounts for the following accounts in Drake's December 31, Year 2, balance sheet