solve the last part (entries)

Sage Hill Leasing Group signs an agreement on January 1, 2022, to lease equipment to Cole plc. The following information relates to this agreement. 1. The term of the non-cancelable lease is 6 years with no renewal option. The equipment has an estimated economic life of 6 years. 2. The cost of the asset to the lessor is 275,000. The fair value of the asset at January 1, 2022, is 275,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of 24,335, none of which is guaranteed. 4. The agreement requires equal annual rental payments, beginning on January 1, 2022. 5. Collectibility of the lease payments by Sage Hill is probable. Click here to view factor tables. (a) Your answer is correct. Assuming the lessor desires an 8% rate of return on its investment, calculate the amount of the annual rental payment required. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and the final answer to O decimal places e.g. 5,275.) Amount of the annual rental payment 52009 Your answer is correct. Prepare an amortization schedule that is suitable for the lessor for the lease term. (Round answers to 0 decimal places e.g. 5,275.) SAGE HILL LEASING GROUP (Lessor) Lease Amortization Schedule Lease Payment Plus URV Interest on Lease Receivable Recovery of Lease Receivable Lease Receivable 0 i 0 i 0 i 275,000 52009 0 i 52009 222991 52009 17839 34170 188821 52009 15106 36903 151918 52009 12153 39856 112062 52009 8965 43044 69018 52009 5521 46488 22531 24.335 1802 22533 (2) 336389 61387 275002 Prepare all of the journal entries for the lessor for 2022 and 2023 to record the lease agreement, the receipt of lease payments, and the recognition of revenue. Assume the lessor's annual accounting period ends on December 31, and it does not use reversing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Lease Receivable 275,000 Cost of Goods Sold Sales Revenue Inventory 275,000 (To record the lease) Cash Lease Receivable (To record the receipt of lease payment) Lease Receivable Interest Revenue Cash Lease Receivable Lease Receivable Interest Revenue