To raise operating funds, Signal Aviation sold an airplane on January 1, 2024, to a finance company for $950,000. 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 $980,000. - Its cost and its book value were $690,000. - Its useful life is estimated to be 14 years. - The lease requires Signal to make payments of $126,750 to the finance company each January 1. Signal depreciates assets on a straight-line basis. - The lease has an implicit rate of 10%. 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. 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