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

Python Company leased equipment from Hope Leasing on January 1, 2021.

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