Assume IBM leased equipment that was carried at a cost of $$150,000$ to Blossom Company. The term of the lease is $5$ years beginning December $31,2024,$ with equal rental payments of $$30,100$ beginning December $31,2024.$ The fair value of the equipment at commencement of the lease is $$129,795.$ The equipment has a useful life of $5$ years with no salvage value. The lease has an implicit interest rate of $8\%,$ no bargin purchase option, and no transfer of title. Collectibility of lease payments for IBM is probable. Prepare IBM's December $31,2024,$ journal entries at commencement of the lease.