$(3)$ Firm G$,$ a dealer lessor, signed a finance lease with Firm $H.$ We know the following

information:

Lease period: $4$ years, beginning on $1$ Jan $2018.$

The selling price of the leased equipment is $80,000.$

Firm G paid $65,000$ to purchase the leased equipment on $1$ Jan $2018.$

Periodic payment: $22,346$ payable annually in advance.

The first lease payment is on $1$ Jan $2018$ & the remaining three subsequent lease payments

are on each reporting date $($i$.$e$.,$ reporting date, $31$Dec $)$

The estimated useful life of the leased equipment is $4$ years.

The lessee will return the leased equipment to the lessor at the end of the lease term.

The expected residual value of the equipment at the end of the lease term is $0.$

The residual value of leased equipment is not guaranteed.

Implicit interest rate: $8\%$

Incremental borrowing rates: $10\%$

The lessee does not know the implicit interest rate.

The lessee uses the straight$-$line depreciation method for the leased equipment.

$($a$)$ Write down all the journal entries related to the leased equipment for the lessor in $2018.$

Answer: