Southern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. Other information: Lease term 3 years Annual payments $40,000 on January 1 each year Life of asset 3 years Implicit interest rate 8% PV, annuity due, 3 periods, 8% 2.7833 PV, ordinary annuity, 3 periods, 8% 2.5771 There is no expected residual value. Required: Prepare appropriate journal entries for Southern Edison for 2021 and 2022. Assume straight-line amortization and a December 31 year-end. Round your answers to the nearest whole dollar amounts