A lease agreement and related facts indicate the following: a. Leased equipment had a retail cash selling price of $900,000. Its useful life was five years with no residual value. b. The lease term is five years and the lessor paid $795,000 to acquire the equipment (thus, selling profit) c. Lessor's implicit rate when calculating annual lease payments was 8% d. Annual lease payments beginning January 1, 2024, the beginning of the lease, were $208,713. e. The costs of legal fees incurred by the lessor for executing the completed lease transaction were $22,500. Required: Prepare the appropriate journal entries for the lessor to record: 1. The lease and the initial payment at its commencement. 2. Any journal entry(s) necessary on December 31, 2024, the fiscal year-end.