Bramble Corporation leases equipment from Falls Company on January 1,2025. The lease agreement does not transfer ownership. contain a bargain purchase option, and is not a specialized asset. It covers 3 years of the equipment's 8 -year useful life, and the present value of the lease payments is less than 90% of the fair value of the asset leased. Prepare Bramble's journal entries on January 1, 2025, and December 31, 2025. Assume the annual lease payment is $50,000 at the beginning of each year, and Bramble's incremental borrowing rate is 7%, which is the same as the fessor's implicit rate. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually, For calculation purposes, use 5 decimal places as displayed in the foctor table provided and round final answers to 0 decimal places, es. 5,265. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record joumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record lease llability) (To record lease payment)