Assume that IBM leased equipment that was carried at a cost of $118,000 to Ivanhoe Compary. The term of the lease is 5 years beginning December 31, 2019, with equal rental payments of $34,908 beginning December 31, 2019. The fair value of the equipment at commencement of the lease is $148,000. The equipment has a useful life of 5 years with no salvage value. The lease has an implicit interest rate of 9%, no bargain purchase option, and no transfer of title. Collectibility of lease payments for IBM is probable. Assume the sales-type lease was recorded at a present value of $148,000. Prepare IBM's Degember 31,2020 , entry to record the lease transaction with Ivanhoe Company. (Credit account tities are outomotically Indented when amount is entered. Do not indent manually. Round answers to 0 decimol ploces eg. 5,275.)