Problem 17: (15 points total) Prepare the necessary journal entries for the Lessor: On January 1, 2018, Saturn Equipment Rentals leases a piece of equipment to Mars Construction for 4 years. The equipment has a useful life of 5 years. The lease requires 4 payments of $55,911 per year beginning January 1, 2018. Mars has an incremental borrowing rate of 9%. Saturn computed the lease payments based upon an 8% implicit rate, which is known to Mars. Both Saturn and Mars estimate the residual value at the end of the lease term to be $68,024 and the residual value is not guaranteed by Mars Construction. The equipment was purchased on December 31, 2017 at a cost (current book value) of $100,000. PV Factor 4 year 8% Annuity Due 3.57711. PV Factor 4 year 8% Single Sum 0.735030. What journal entries are necessary for Saturn Equipment Rentals in 2018?