Uberlift, Inc leased equipment from Tesla Corp on January 1, 2015 The lease requires 7 annual payments of 150,000 with each payment due on January 1 beginning January 1 2015. The lease is a finance lease for the lessee and sales type lease for the lessor. The useful life of the equipment is 7 years and the residual value is zero. The cost of the leased asset to Tesla Corp was 800,000 The lessor's implicit rate of 8% is known by the lessee. The present value of the lease payments is 842,432. Title of the leased asset does not transfer and there is no bargain purchase option. The fiscal year-end for the lessee and lessor is December 31st - Prepare all journal entries Tesla Corp would record on January 1, 2015 associated with the lease