Blossom Corporation enters into a 7-year lease of equipment on December 31,2024 , which requires 7 annual payments of $37,300 each, beginning Docember 31,2024 . In addition blossom guarantecs the lessor a residust value of $19,400 at the end of the lease. However, Blonsom believes it is probable that the expected residual value at the end of the lease term will be 59,700 . The equipment has a useful life of 7 years. Prepare Blossoms' December 31,2024 , journal entries, assuming the implicit rate of the fease is 9% and this is known to Blossom. (List all debit entries before credit entries. Credit occount tilles are cutomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter Ofor the amounts. For caiculation purposes, use 5 declmat places as displayed In the factor table provided and round final answers to O decimai places es. 5.275.) Click hese to view factor tables