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In: AccountingAmusement Company leased equipment from General RoboticsCompany, beginning on January 1, 2017. The lease term...Amusement Company leased equipment from General RoboticsCompany, beginning on January 1, 2017. The lease term is 5 yearsand requires equal rental payments of $60,493 at the beginning ofeach year of the lease (based on a 6% interest rate) starting onthe commencement date (January 1, 2017). The equipment has a fairvalue at the commencement date of the lease of $300,000, a carryingvalue to General Robotics of $275,000, an estimated useful life of5 years, and an estimated residual value of $40,000. The residualvalue is guaranteed by Smokey Finance. Therefore, this is a directfinancing lease and the appropriate interest rate is 10.4%. PrepareGeneral Robotics’ 2017 journal entries. (Credit account titles areautomatically indented when the amount is entered. Do not indentmanually. For calculation purposes, use 5 decimal places asdisplayed in the factor table provided and round final answers to 0decimal places, e.g. 5,275.)