Crane Company, a machinery dealer, leased a machine to Cullumber Corporation on January 1, 2025. The lease is for an 8 -year period and requires equal annual payments of $30,688 at the beginning of each year. The first payment is received on January 1,2025. Crane had purchased the machine during 2024 for $115,000. Collectibility of lease payments by Crane is probable. Crane set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Crane at the termination of the lease. Click here to view factor tables, (a) Compute the amount of the lease receivable. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places e.g. 5,275.) Amount of the lease receivable $ Suppose the collectibility of the lease payments was not probable for Crane. Prepare the necessary journal entry for the company in 2025. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)