please, solve the question and correct them.

On Jenuary 1, 2024, Ghosh Industries loased a high-performance conveyer to Karrier Company for a four-year period ending December 31, 2027, at which time possession of the leased assot will rovert back to Ghosh. - The equipment cost Ghosh $958,200 and has an expected useful life of five years. - Ghosh expects the residual value at December 31,2027 , will be $302,200 - Negotiations led to the lessee guaranteeing a $342,200 residual value. - Equal paymonts under the finance/sales-type loase ace $202,200 and ate due on December 31 of each year with the first payment being made on December 31, 2024. - Karrier is aware that Ghosh used a 4% interest rate when calculating lease payments. Note: Use tables, Excel, or a financial calculator. (FV of S1, PV or S1, FVA of S1, PVA of S1, AVAD of S1 and PVAD of (S1) Required: 1. Prepare the appropriate entries for both Karrier and Ghosh on January 1,2024 , to record the lease. 2. Prepare all appropriate entries for both Karriet and Ghosh on December 31,2024 , related to the lease. Complete this question by entering your answers in the tabs below. Prepare the appropriate entries for both Karrier and Ghosh on January 1, 2024, to record the lease. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field, Round your answers to nearest whole dollar. On January 1, 2024, Ghosh Industries leased a high-performance conveyer to Karrier Company for a four-year period ending December 31, 2027, at which time possession of the leased asset will revert back to Ghosh. - The equipment cost Ghosh $958,200 and has an expected useful life of five years. - Ghosh expects the residual value at December 31, 2027, will be $302,200. - Negotiations led to the lessee guarantecing a $342,200 residual value, - Equal payments under the finance/sales-type lease are $202,200 and are due on December 31 of each year with the first payment being made on December 31, 2024. - Karrier is aware that Ghosh used a 4% interest rate when calculating lease payments. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, EVAD of S1 and PVAD of \$1) Required: 1. Prepare the appropriate entries for both Karrier and Ghosh on January 1,2024 , to record the lease. 2. Prepare all appropriate entries for both Karrier and Ghosh on December 31, 2024, related to the lease. Complete this question by entering your answers in the tabs below. Prepare all appropriate entries for both Karrier and Ghosh on December 31, 2024, related to the lease. nearest whole dollar. Journal entry worksheet