- The equipment cost Aqua $414,430 and has an expected economic life of five years. - Aqua and Maywood expect the residual value at December 31, 2027, to be $52,000. - Negotiations led to Maywood guaranteeing a $73,000 residual value. - Equal payments under the lease are $104,000 and are due on December 31 of each year with the first payment being made on December 31, 2024. - Maywood is aware that Aqua used a 7\% interest rate when calculating lease payments. ote: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 ) equired: \& 2. Prepare the appropriate entries for Maywood on January 1, 2024 and December 31, 2024, related to the lease. ote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round termediate calculations. Round your final answers to the nearest whole dollar