Crane Corporation (\"Crane\") manufactures equipment with an estimated economic life of 12 years, On May 30, 2023, Crane leases it to Gadget Corporation (\"Gadget\") for a period of 10 years. Details of the lease are as follows: - Equipment has a fair value and cost at the inception of the lease: \\( \\$ 226,255 \\). - Guaranteed residual value: \\( \\$ 39,000 \\). - Annual lease payment, due at beginning of each year: \\( \\$ 31.250 \\). - Lease contains no renewal options and the equipment reverts to Crane at the end of the lease. - Gadget's incremental interest rate, as well as implicit rate is \10. - Gadget uses straight-line depreciation for similar equipment that it owns. - Crane has determined that collectibility of lease payments is reasonably predictable and that no additional costs will be incurred. Prepare journal entries at May 30, 2024 for the lessee and lessor. Assume reversing entries are not used. (List all debit entries before credit entries. Gredit occount titles are dutomotically indented when the arnount is entered. Do not indent manualik. Round onswers to 0 decimal ploces, ef 5, 275. If no entry is required, seiect \"No entry\" for the occount titles and enter ofor the amounts. Lessor: M \\( 2 \\mathrm{C} \\)