confused olease help on values and first entry

TB Problem 15-194 (Algo) 2 Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021 Hi-Tech manufactured the equipment at a cost of $86,500 20 Scored Other information: Lease ten 4 years Annual payments $33,000 on January 1 each year Life of asset 4 years Fair value of asset (and P $110,044 of payments) Implicit interest rate Incremental rate BU There is no expected residual value. Required: Prepare appropriate journal entries for Hi-Tech Leasing for 2021. Assume a December 31 year-end. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to the nearest whole dollar amounts.) No Debit Credit 1 132,000 General Journal January 01, 2021 Lease receivable Interest receivable Equipment blo X OO OOOO 2 6 January 01, 2021 Cash Lease receivable 3 December 31, 20 interest receivable * olo Interest revenue