Leases The city of Morehead leased equipment. The life of the noncancellable lease is 10 years. Using an 8 percent interest rate, the present value of the lease payments is $905,861. The first payment of $125,000 is due when the lease begins, January 10, 2017. A additional payment is due on January 10th for each of the next years. Prepare journal entries to record 1. The long term lease in the General Fund 2. The first lease payment on January 10, 2017 3. The second lease payment on January 10, 2018 Round answers to the nearest whole number Ref Description Super Debit Credit 3 Expenditures-lease principal Please answer all parts of the question,