Whispering Steel Company, as lessee, signed a lease agreement or equipment for 5 years, beginning December 31 2017. Annual rental payments of Sss 000 are to be made atthe beginning of each lease year December 3iThe interest rate used by the lessor in setting the payment schedule is 69 ; whispering's incremental borrowing rate is 89 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 Prepare the journal entries, that Whispering should record on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal places, e.g. 58,971.) Date Account Titles and Explanation Debit Credit December 31, 2017 To record leased asset and related liability.) To record the first rental payment.) Prepare the journal entries, that Whispering should record on December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts.) Date December 31, 2018 Account Titles and Explanation Debit Credit To record amortization.) To record annual payment on lease liability.) Prepare the journal entries, that Whispering should record on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Round answers to O decimal places e.g. 58,971. Debit Date Account Titles and Explanation Credit December 31, 2019 (To record annual amortization on leased assets.) To record annual payment on lease liability.) What amounts would appear on Whispering's December 31, 2019, balance sheet relative to the lease arrangement? (Round answers to 0 decimal places, e.g. 58,971.) WHISPERING STEEL COMPANY Balance Sheet Assets Liabilities