Assume that IBM lgased equipment that was carried at a cost of 5195,000 to Cullumber Compary. The term of the lease is 6 years beginning December 31,2024, whth equal rental payments of $30,200 beginning December 31,2024 . The falrvalue of the equipment at commencement of the lease is $150.780. The equigment has a useful life of 6 years with no salvage value. The lense has an implicit interest rate of 8%, 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. flist dil debit entries before credit entries. Credit account titles are automatically indented when anount is entered. Do not indent manualhy if no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. For calculation purposes, ase 5 decimal ploces as displayed in the factor table provided and round final anwers to 0 decimal plocese. 5,275.) Click here to view factor tables