Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. Hi-Tech manufactured the equipment at a cost of $93,500. Other information: Lease term Annual payments Life of asset Fair value of asset Implicit interest rate Incremental rate 3 years $ 47,000 on January 1 each year 3 years $ 130,815 8% 8 % There is no expected residual value. Required: Prepare appropriate journal entries for Hi-Tech Leasing for 2021. Assume 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.) View transaction list X: 1 > Record the lease. 2 Record the cash received. 3 Record the interest revenue