Tartufo Corp. entered into a 7-year lease agreement with Gelato Inc. to lease equipment beginning on January 1, 20X5. The IBR is 7% while the rate implicit in the lease is 6%. Tartufo Corp. is aware of the rate implicit in the lease. Annual payments of $56,000 at the beginning of the year are required. The lease stipulates a $50,000 residual value guarantee but Tartufo Corp. expects a $12,000 payout will be required. Tartufo Corp. will return the equipment to Gelato Inc. at the end of the lease term. (PV 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 account field. Round intermediate calculations and final answers to the nearest whole dollar amount.) View transaction list > 1 Record the lease at the beginning on January 1, 20X5. 2 Record the interest exnense as at the vear end 31 st 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 account field. Round intermediate calculations and final answers to the nearest whole dollar amount.) View transaction list 1 Record the lease at the beginning on January 1, 20X5. 2 Record the interest expense as at the year end 31st December, 20X5. 3 Record the depreciation expense as at the year end 31st December, 20X5. Credit