Elf Leasing purchased a machine for $590,000 and leased it to IGA, Inc. on January 1, 2021. Lease description: Quarterly rental payments Lease term No residual value; no BPO Economic life of machine Implicit interest rate and lessee's incremental borrowing rate Fair value of asset $35,375 at beginning of each period 5 years (20 quarters) 5 years 8% $590,000 Required: Prepare appropriate entries for both IGA and Elf Leasing from the beginning of the lease through the second rental payment on April 12 2021. Amortization is recorded at the end of each fiscal year (December 31). (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.) View transaction list Journal entry worksheet