Cottenec Memorial Golf Course is reported as an Enterprise Fund (EF) of LeCorre City. In 2018, the EF leased professional restaurant equipment based on a 20-year lease agreement with French Cooks, Inc. The City has determined that the present value of the lease payments (at 5%) is $443,000.

Provide entries to:

a. Record the long-term equipment lease.

b. Record a required initial lease payment of $150,000 that must be paid at the time the equipment is installed.