The lease agreement and related facts indicate the following: a. Leased equipment had a retail cash selling price of $340,000. Its useful life was six years with no residual value. b. The lease term was six years and the lessor paid $285,000 to acquire the equipment (thus, selling profit). c. Lessor's implicit rate when calculating annual lease payments was 10%. d. Annual lease payments beginning January 1, 2021, the beginning of the lease, were $70,970. e. Incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the lessor were $7,900. Required: 1. & 2. Prepare the appropriate entries for the lessor to record the lease and the initial payment at its commencement and any entry(s) necessary at December 31, 2021, the fiscal year-end. (Round your intermediate and final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal- 1 January 01, 2021 Lease receivable Sales revenue Debit Credit 340,000 340,000 2 January 01, 2021 Cost of goods sold Lease receivable 3 January 01, 2021 Lease receivable Cash 285,000 285,000 7,900 7,900 4 December 31, 2021 Cash 70,970 Lease receivable 70,970