Ramsey Company leases heavy equipment to Terrell Inc. on March 1, 2019, on the following terms:
1. Twenty-four lease rentals of $2,950 at the beginning of each month are to be paid by Terrell, and the lease is noncancelable.
2. The cost of the heavy equipment to Ramsey was $55,000.
3. Ramsey uses an implicit interest rate of 18% per year and will account for this lease as a sales-type lease.

Required:
Prepare journal entries for Ramsey (the lessor) to record the lease contract on March 1, 2019, the receipt of the first two lease rentals, and any interest income for March and April 2019. (Round your answers to the nearest dollar.)