Assume that IBM leased equipment that was carried at a cost of $96,000 to Blossom Company. The term of the lease is 4 years beginning December 31, 2024, with equal rental payments of $30,500 beginning December 31, 2024. The fair value of the equipment at commencement of the lease is $109,102. The equipment has a useful life of 4 years with no salvage value. The lease has an implicit interest rate of 8%, no bargain purchase option, and no transfer. Prepare journals for December 31, 2024 to record the lease and December 31, to record receipt of lease paym