Tull Corp. (Tull), a publicly accountable corporation, leased a container ship from Hazard Shipyard Inc. (HSI) on December 31, 2018. The container ship normally sells for $60,000,000 if it were purchased outright. The lease term is for 25 years, and the economic life of the container ship is 30 years. The container ship's guaranteed residual value at the end of the lease term is $25,000,000. At the end of the lease term, Tull must return the container ship to HSI. At the lease date, Tull expects to return the container ship to HSI at a fair value of $15,000,000. The interest rate implicit in the lease is 6% and is known by Tull. Tull's incremental borrowing rate is 5%. In addition to the annual lease payment, Tull will pay HSI an annual fee of $350,000 to cover the annual maintenance of the container ship. The first lease payment and the first annual maintenance fee were paid when the lease was signed on December 31, 2018. Tull elected to account for any NON-lease components of the contract separately. The total annual lease payment, including the annual maintenance fee, is $4,348,052. Tull has a December 31 year end. Required: a) Prepare Tull's journal entries related to the lease for the years ended December 31, 2018, and December 31, 2019. (7 marks) b) In 2020, Tull estimated that the container ship will be returned at a fair value of $20,000,000. Prepare Tull's journal entries related to the lease for the year ended December 31, 2020. (5 marks)