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.