The city of Morehead leased equipment. The life of the noncancellable lease is 10 years. Using an 8 percent interest rate, the present value of the lease payments is $951,154.05. The first payment of $131,250 is due when the lease begins, January 10, 2020. An additional payment of $131,250 is due on January 10th for each of the next 9 years. Prepare journal entries to record: 1. The long-term lease in the General Fund. 2. The first lease payment on January 10, 2020. 3. The second lease payment on January 10, 2021.