Shannon enterprises entered into a lease agreement with Remington Inc. Shannon leased machinery from Remington Inc. on July 1 2021. The lease payments were calculated to provide the lessor a 10% return. Eight annual lease payments of $30,000 are due each July 1, beginning July 1 2021. (EV of $1. P of $1 EVA OLS1. PVA of $1. EVAD OS1 and PVAD of $11 (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entries to record the lease by Shannon at July 1, 2021, and at December 31, 2021, the end of the reporting period. Consider this to be a finance lease. 2. Prepare the journal entries to record the lease by Shannon at July 1, 2021, and at December 31, 2021, the end of the reporting period. Consider this to be an operating lease. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the lease by Shannon at July 1, 2021, and at December 31, 2021, the end of the reporting period, Consider this to be a finance lease. (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.)