On January 1, the lessor company purchased a piece of equipment for $9,000 as inventory. The lessor company immediately leased the equipment under a sales-type lease agreement. The lease calls for the lessor company to receive six annual lease payments of $3,000 per year, to be received at the beginning of the year. In addition to the six annual payments of $3,000 at the beginning of each year, the lessor is to receive a guaranteed residual value of $4,000 at the end of six years. The fair value on the date of the lease signing is equal to the present value of the lessor’s minimum payments; the interest rate implicit in the lease is 11%. The equipment has a useful life of 10 years, there is no bargain purchase option, and the title does not transfer at the end of the lease term. Also, the residual value is guaranteed by a third-party insurance company, not by the lessee company. Make the journal entries necessary to record the lease signing, including the first lease payment,

(1) On the books of the lessor company and

(2) On the books of the lessee company.