To raise operating funds, Signal Aviation sold an airplane on January 1, 2024, to a finance company for $770,000. Signal Immediately leased the plane back for a 13-year period, at which time ownership of the airplane will transfer to Signal. The airplane has a fair value of $800,000. Its cost and its book value were $600,000. Its useful life is estimated to be 15 years. The lease requires Signal to make payments of $102,771 to the finance company each January 1. Signal depreciates assets on a straight-line basis. The lease has an Implicit rate of 11%. Required: 1. & 2. Prepare the appropriate entries for Signal on January 1, 2024 and December 31, 2024, to record the transaction and necessary adjustments. Note: 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 Record the cash received on sale by Signal Aviation. 2 Record the first payment. Record accrued interest. Record depreciation. Note: journal entry has been entered Record entry Credit bo Clear entry View general journal > Journal entry worksheet Record depreciation. 3 4 Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record accrued interest. 3 Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2024 Interest expense Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 Record the first payment. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 3 Record the cash received on sale by Signal Aviation. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal