Lessee Corp. agreed to lease property from Lessor Corp. effective January 1, 2014, for an annual payment of $23,576.90, beginning January 1, 2014. The property is made up of land with a fair value of $100,000 and a two-storey office building with a fair value of $150,000 and a useful life of 20 years. The implicit interest rate is 8%, the lease term is 20 years, and title to the property is transferred to Lessee at the end of the lease term. Prepare the required entries made by Lessee Corp. on January 1, 2014, and at its year end of December 31, 2014. Both Lessee and Lessor use ASPE.