Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020, Annual rental payments of $51,025 are to be madeat the beginning of each lease year (December 31 ). The interest rate used by the tessor in setting the payment schedule is 6%; Whispering's incremental borrowing rate is 8%. Whispering is unaware of the rate being used by the lessor. At the end of the lease. Whispering has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Whispering uses the straight-line method of depreciation on similar owned equipment. Click here to view factor tables. (2) Prepare the journal entries, that Whispering should record on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount tities and enter of for the amounts. Round present value factor calculations to 5 decimal places, eg, 1.25124 and the final answers to 0 decimal places, es. 58,971. (To record leased asset and related liability.) Lease Liability Cash (To record the first rental payment.) Prepare the journal entries, that Whispering should record on December 31,2021. (Credit occount titles are outomaticolly indented when amount is entered. Do not indent manually. If no entry is required, select "No. Entry" for the occount titles and enter of for the amounts)