On January $1,2027,$ Ghosh Industries leased a high$-$performance conveyer to Karrier Company for a four$-$year period ending December $31,2030,$ at which time possession of the leased asset will revert back to Ghosh. The equipment cost Ghosh $$956,800$ and has an expected useful life of five years. Ghosh expects the residual value at December $31,2030,$ will be $$300,800.$ Negotiations led to the lessee guaranteeing a $$340,800$ residual value. Equal payments under the finance$/$sales$-$type lease are $$200,800$ and are due on December $31$ of each year with the first payment being made on December $31,2027.$ Karrier is aware that Ghosh used a $6\%$ interest rate when calculating lease payments. Note: Use tables, Excel, or a financial calculator. $($ FV of $$1,$ PV of $$1,$ FVA of $$1,$ Required: PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)1.$ Prepare the appropriate entries for both Karrier and Ghosh on January $1,2027,$ to record the lease. $2.$ Prepare all appropriate entries for both Karrier and Ghosh on December $31,2027,$ related to the lease. Complete this question by entering your answers in the tabs below. Required $1$ Required $2$ Prepare the appropriate entries for both Karrier and Ghosh on January $1,2027,$ to record the lease. Note: If no entry is required for a transaction or event, select $"$No journal entry required" in the first account field. Round your answers to nearest whole dollar. View transaction list No View journal entry worksheet S$.$No$/$Date $12$ January $01,2027$ Right$-$of$-$use asset Lease payable January $01,2027$ Lease receivable Account Title Debit $1,036,594965,738$ Cost of goods sold Sales revenue Equipment $$ Previous rev: $12\_06\_2022\_$QC$\_$CS$-323488,10\_12\_2024\_$QC$\_$HETS$-61950$ References $956,800$ Next $$ Credit $1,036,594965,738956,80$