Tartufo Corp. entered into a 5 year lease agreement with Gelato Inc. to lease equipment beginning on January 1, 20X5. The IBR is 8% while the rate implicit in the lease is 7%. Tartufo Corp. is aware of the rate implicit in the lease. Annual payments of $52,500 at the beginning of the year are required. The lease stipulates a $13,000 residual value guarantee but Tartufo Corp. expects a $10,000 payout will be required. Tartufo Corp. will return the equipment to Gelato Inc at the end of the lease term. (CV of $1. PVA of $1 and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: Provide journal entries pertaining to this lease for Tartufo Corp. for the 20x5 year. Tartufo Corp. uses straightline depreciation for similar assets, with a half-year of deprecation recorded in the year of acquisition. (If no entry is required for a transaction/event, select "No journal entry required" in the first occount field. Round intermediate calculations and final answers to the nearest whole dollar amount.) View transaction ist Journal entry worksheet 1 2 3 Record the lease at the beginning on January 1, 20X5. Note: Enter debits before credits General Journal Debit Credit Date Jan 01 20x5 View transaction list Journal entry worksheet Record the interest expense as at the year end 31st December, 20x5. Note: Enter debits before credits Date General Journal Debit Credit Dec 31, 20X5 View transaction list Journal entry worksheet