To raise operating funds, Signal Aviation sold an airplane on January 1, 2021, to a finance company for $1,130,000. Signal immediately leased the plane back for a 12- year period, at which time ownership of the airplane will transfer to Signal. The airplane has a fair value of $1,160,000. Its cost and its book value were $780,000. Its useful life is estimated to be 14 years. The lease requires Signal to make payments of $162,878 to the finance company each January 1. Signal depreciates assets on a straight-line basis. The lease has an implicit rate of 12%. Required: 1.&2. Prepare the appropriate entries for Signal on January 1, 2021 and December 31, 2021, to record the transaction and necessary adjustments. (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.) Answer is not complete. General Journal No Date 1 January 01, 2021 Cash Right-of-use asset Deferred sales revenue 2 3 January 01, 2021 Lease receivable Lease payable December 31, 202 Lease payable Cash 4 December 31, 202 Interest expense Debit 1,130,00 X 1,130,00 x 162,87