Bridgeport Limited has entered into an agreement to lease manufacturing equipment. The following terms are included in the lease:

Lease terms

$5$ years

Payments required monthly on the last day of the month

$$3,619$

$6\%/$ annum

Leasing interest rate

Estimated useful life of equipment

$5$ years

$$187\mathrm{.}200$

PV of lease payments

The lease is entered into on January $1,2024.$ The equipment can be purchased for $$195,000.$ The company uses straight$-$line depreciation.

$($a$)$

Prepare the journal entry for $2024$ to recognize the lease.