The following information pertains to questions 28-30. It will be repeated before each question to minimize scrolling during this exam. (Pro-tip: I suggest you read the required first to help you identify the relevant information.) On January 1, 2021. Big Lessor Co (BLC) entered into a contract to lease equipment to Little Lessee Co. (LLC) for 5 years. Payments of $71,204 are due every January 1, and the first payment to be made January 1, 2021. BLC and LLC both report under IFRS. The equipment has a fair market value of $317.250 at the start of the lease. It cost $305,000 for BLC to manufacture the equipment and BLC records the equipment as inventory. The rate implicit in the lease is 8% and both the lessee and lessor are aware of this. LLC's incremental borrowing rate is 9% The equipment has an estimated useful life of 6 years. Both companies use straight-line depreciation LLC has the option to buy the equipment at the end of the lease for $15,000. Its estimated residual value at the end of the lease is $30,000 Required #3: Prepare all necessary journal entries for fiscal 2021 for the Lessee. Your entries should include any required adjusting entries. Round to the nearest dollar