Aspen Iron Works signed a lease on January $1$ with Raven Bank for an iron$-$stamping machine. The equipment is not specialized in nature. The lease has a $8-$year term with no purchase option or transfer of ownership. Under the terms of the contract, Aspen must pay $$4,200$ on January $1$ of each year. Raven Bank's implicit rate is $6\%.$ The iron$-$stamping machine has an economic life of $40$ years and a fair value of $$48,000.$ If Aspen borrowed at Raven Bank, the loan would carry an interest rate of $8\%.$ The lessee knows the implicit rate. The present value of the payments due under the lease is $$27,646,$ and the lease agreement is classified as an operating lease. Prepare the journal entries for the lessee at the commencement of the lease.

Prepare the journal entry for the lessee at the lease commencement date. Exclude the first annual lease payment from this entry. We will record that payment in the next step. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

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Prepare the entry for the first annual lease payment made on January $1.($Record debits first, then credits. Exclude explanations from any journal entries.$)$

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