You are the new controller for Banana, Inc.. The company CFO has asked you to develop the appropriate worksheets and then journal entries to support several lease contracts as applied based on the new lease regulations. Your accounting group provided you the following information regarding the lease:

On January 2, 2018, Banana leased equipment, with a fair value of $675,000, under a capital lease calling for seven annual lease payments of $110,000 beginning January 2, 2018, and continuing each December 31st. Banana's incremental borrowing rate on the date of the lease was 8%. However, the lessor's implicit rate, which was known by Banana, was 6%. Provide the amortization table for the lease and the journal entries required for December 31, 2018 and December 31, 2020.