Southwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2018. Hi-Tech manufactured the equipment at a cost of $90,000.
Other information: 
There is no expected residual value.
Required: Prepare appropriate journal entries for Hi-Tech Leasing for 2018. Assume a December 31 year-end. Round your answers to the nearest whole dollar amounts.
Definitions:
Alberta
A province in western Canada, known for its vast forests, prairies, and rich natural resources.
Judge-made Law
Refers to legal principles and rules that have been established by court decisions (common law) rather than by legislative enactment.
Legal System
The comprehensive framework of rules and institutions established by a society to regulate conduct, resolve disputes, and enforce laws.
Law of Equity
A branch of law that deals with fairness, rectifying wrongs, and providing remedies that are not available in common law.
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