To raise operating funds, Signal Aviation sold an airplane on January 1, 2024, to a finance company for $890,000. Signal immediately leased the plane back for a 13 -year period, at which time ownership of the alrplane will transfer to Signal. - The airplane has a fair value of $920,000. - Its cost and its book value were $660,000. - Its useful life is estimated to be 15 years. - The lease requires Signal to make payments of $118.788 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. (x) Answer is complete but not entirely correct