Big Bucks leased equipment to Shannon Company on July $1,2024.$ The lease payments were calculated to provide the lessor a $9\%$ return. Eight annual lease payments of $$46,000$ are due each July $1,$ beginning July $1,2024.$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Prepare the journal entries to record the lease by Shannon on July $1,2024,$ and on December $31,2024,$ the end of the reporting period. Consider this to be a finance lease.

Prepare the journal entries to record the lease by Shannon on July $1,2024,$ and on December $31,2024,$ the end of the reporting period. Consider this to be an operating lease.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.

Prepare the journal entries to record the lease by Shannon on July $1,2024,$ and on December $31,2024,$ the end of the reporting period. Consider this to be an operating lease.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.

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$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$July $01,2024,$Lease expense,$46,000,],[,$Cash,,$46,000$