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: 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