Question: IV. Lease journal entries (13 points). Python Company leased equipment from Hope Leasing on January 1, 2021. Hope recently purchased the equipment at a cost

IV. Lease journal entries (13 points). Python Company leased equipment from

IV. Lease journal entries (13 points). Python Company leased equipment from Hope Leasing on January 1, 2021. Hope recently purchased the equipment at a cost of $222,664. Other information: Lease term Annual payments Life of asset Fair value of asset Implicit interest rate Incremental rate 3 years $80,000 on January 1 each year 3 years $222,664 8% 8% There is no expected residual value. Required: Prepare appropriate journal entries for Python for 2021. Assume straight-line depreciation and a December 31 year-end. Round your answers to the nearest whole dollar amounts

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