Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. Hi-Tech manufactured the equipment at a cost of $92,500.

Other information:
Lease term 4 years
Annual payments $45,000 on January 1 each year
Life of asset 4 years
Fair value of asset $165,285
Implicit interest rate 6%
Incremental rate 6%
PV, annuity due, 3 periods, 8% 2.7833
PV, ordinary annuity, 3 periods, 8% 2.5771

There is no expected residual value.
Required:
Prepare appropriate journal entries for Southwestern Edison for 2021and 2022. Assume straight-line amortization and a December 31 year-end.

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