Terms of a lease agreement and related facts were as follows: a. Incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the lessor were $4,260. b. The retail cash selling price of the leased asset was $518,000. Its useful life was three years with no residual value. c. The lease term was three years and the lessor paid $518,000 to acquire the asset. d. Annual lease payments at the beginning of each year were $194,145. e. Lessor's implicit rate when calculating annual rental payments was 13%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 ) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the appropriate entries for the lessor to record the lease and related payments at its beginning, January 1,2021 . 2. Calculate the effective rate of interest revenue after adjusting the net investment by initial direct costs. 3. Record any entry(s) necessary at December 31, 2021, the fiscal year-end. (Prepare any entry(s) recorded by the lessor at December 31, 2021, its fiscal year-end.)