Assume that IBM leased equipment that was carried at a cost of $201,000 to Pharoah Company. The term of the lease is 6 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 $149,134. The equipment has a useful life of 6 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 . Prepare IBM's December 31, 2024, journal entries at commencement of the lease. (List all debit entries before credit entries . Credit account titles are automatically indented when amount is entered. Do not indent manually . If no entry is required, select "No Entry" for the account titles and enter for the amounts . For calculation purposes , use 5 decimal places as displayed in the factor table provided and round final answers to decimal places e.g. 5,275 .)