Bramble Corporation leases equipment from Falls Company on January 1, 2020. The lease agreement does not transfer ownership, contain a bargain purchase option, and is not a specialized asset. It covers 3 years of the equipments 8-year useful life, and the present value of the lease payments is less than 90% of the fair value of the asset leased. The annual lease payment is $47,000 at the beginning of each year, and Brambles incremental borrowing rate is 4%, which is the same as the lessors implicit rate. Prepare all the necessary journal entries for Falls Company (the lessor) for 2020, assuming the equipment is carried at a cost of $304,000. Falls uses straight-line depreciation and the leased asset has zero residual value at the end of its useful life.