On January 1, 2020, Baker Inc. enters into an operating lease of equipment for one year for \(\$ 1,000\) per month on January 1, 2020. The equipment cost \(\$ 200,000\) and has a useful life of 10 years. Assuming that Baker Inc. elects to account for the lease under the short-term lease option, prepare Baker's monthly entry for 2020 assuming payments are made at the end of each month.