THIS IS ONE QUESTION WITH MUTIPLE PARTS. PLEASE HELP OUT WITH ALL PARTS! THANKS

Splish Brothers Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Sunland Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Sunland has the option to purchase the equipment for $24,000 upon termination of the lease. It is not reasonably certain that Sunland will exercise this option. The equipment has a cost of $280,000 and fair value of $330,500 to Splish Brothers Leasing. The useful economic life is 2 years, with a residual value of $24,000. 2. 3. Splish Brothers Leasing desires to earn a return of 5% on its investment. 4. Collectibility of the payments by Splish Brothers Leasing is probable. Date Account Titles and Explanation Debit Credit Assuming that Sunland exercises its option to purchase the equipment on December 31, 2021, prepare the journal entry to record the sale on Splish Brothers Leasing's books. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 12/31/21