Pythоn Cоmpаny leаsed equipment frоm Hope Leаsing on January 1, 2024. Hope recently purchased the equipment at a cost of $296,629.Other information: Lease term4 yearsAnnual payments$84,000 on January 1 each yearLife of asset4 yearsFair value of asset$296,629Implicit interest rate9%Incremental rate9%There is no expected residual value.Required:Prepare appropriate journal entries for Python for 2024. Assume straight-line depreciation and a December 31 year-end.Note: Round your answers to the nearest whole dollar amounts.