Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1. 2021. Hi-Tech manufactured the equipment at a cost of $90,500 Other information: Lease term 3 years Annual payments $ 41,090 on January 1 each year Life of asset 3 years Fair value of asset $ 114, 115 Implicit interest rate Incremental rate 82 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. reddit