Stillwater Sports Stillwater Sports Company leased manufacturing equipment from Premier Leasing on January 1 of the current year. Premier purchased the equipment for $326,189. Other information: Lease term 4 years Annual Payments $90,000 on January 1 beginning with the current year. Life of Asset 4 years Fair value of Asset $326,189 Implicit interest rate 7% Incremental rate 17% There is no expected residual value or bargain purchase option. Assume that depreciation expense is computed at December 31 of each year. 1) Refer to Stillwater Sports: . Required: 1. Prepare appropriate journal entries for Stillwater Sports for the first year. 2. Show how the lease-related information will be presented on Stillwater's balance sheet for the first year