Python Company leased equipment from Hope Leasing on January 1, 2018. Hope recently purchased the equipment at a cost of $311,208. Other information: Lease term Annual payments Life of asset Fair value of asset implicit interest rate Incremental rate 4 years $87,000 on January 1 each yoar 4 years $311,208 8% 8% There is no expected residual value. Required: Prepare appropriate journal entries for Python for 2018. Assume straight-line depreciation and a December 31 year-end. (If no entry is required for a transactionlevent, select "No journal entry required in the first account field. Round your answers to the nearest whole dollar amounts.)