Southern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. Other information: Lease term Annual payments Life of asset Implicit interest rate PV, annuity due, 4 periods, 8% PV, ordinary annuity, 4 periods, 8% 4 years $35,000 on January 1 each year 4 years 8% 3.5771 3.3121 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) X: No Debit Credit Date General Journal January 01, 2021 No Transaction Recorded 1 Record the lease. 2 January 01, 2021 No Transaction Recorded 2 Record the lease payment. 3 December 31, 2021 No Transaction Recorded 3 Record the interest expense. 4 December 31, 2021 No Transaction Recorded Record the amortization expense. Record lease payment. 5 January 01, 2022 No Transaction Recorded 6 Record the interest expense. 6 December 31, 2022 No Transaction Recorded Record the amortization expense. 7 December 31, 2022 No Transaction Recorded Note : journal entry has been entered