The lease agreement and related facts indicate the following: a. Leased equipment had a retail cash selling price of $470,000. Its useful life was five years with no residual value. b. The lease term was five years and the lessor paid $350,000 to acquire the equipment (thus, selling profit). c. Lessor's implicit rate when calculating annual lease payments was 7%. d. Annual lease payments beginning January 1, 2021, the beginning of the lease, were $107,130. e. Incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the lessor were $9,200. 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 X 1 > Record the lease. Record the initial direct costs. 3 Record the cash received. 4 Record accrued interest. Credit Note : = journal entry has been entered Record entry Clear entry View general journal