Question: me as 1. Python Company leased equipment from Hope Leasing on January 1, 2021. Hope recently purchased the equipment at a cost of $222,664.

me as 1. Python Company leased equipment from Hope Leasing on January

me as 1. 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 3 years Annual payments $80,000 on January 1 each year Life of asset Fair value of asset 3 years $222,664 Implicit interest rate 8% Incremental rate 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. 30 pts

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