Blossom Corp. agreed to lease property from Waterway Corp. effective January $1,2023,$ for an annual payment of $$29,044,$ beginning January $1,2023.$ The property is made up of land with a fair value of $$118,000$ and a two$-$storey office building with a fair value of $$172,000$ and a useful life of $25$ years with no residual value. The implicit interest rate is $10\mathrm{.}0\%,$ the lease term is $25$ years, and title to the property is transferred to Blossom at the end of the lease term.

Prepare the required entries made A Blossom on January $1,2023,$ and at its year end of December $31,2023.$ Both Blossom and Waterway use ASPE.