Two independent situations follow: 1. Ready Car Rental leased a car to Flounder Company for three months. Terms of the lease agreement call for monthly payments of $1,140, beginning on May 21, 2021. Founder reports using ASPE. 2. On January 1, 2021. InSynch Ltd. entered into an agreement to lease 60 computers from Pharoah Electronics. The terms of the lease agreement require three annual payments of $43,737 (including 5.5% interest), beginning on December 31, 2021. The present value of the three payments is $ 105,000 and the market value of the computers is $107.000, InSynch Ltd. reports using IFRS Prepare the journal entry, if any, that each company must make to record the lease agreement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Prepare the journal entry, if any, that each company must make to record the lease agreement. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Debit Credit No. Account Titles and Explanation Leased Asset - Vehicles 1140 1. 1140 Cash 105000 2 Leated Asset - Equipment 105000 Lease Liability (To record lease asset and liability