Southern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2018.

Other information:
Lease term	3 years
Annual payments	$49,000 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 2018 and 2019. Assume straight-line amortization and a December 31 year-end. (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.)