Crane Corporation (\"Crane\") manufactures equipment with an estimated economiclife 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. Assume both companies follow ASPE. (b) Prepare the journal entries for the lessee and lessor at May 30, 2023, the inception of the lease, and at December 31, 2023, which Prepare the journal entries for the lessee and lessor at May 30, 2023, theinception of the leare, and at December 31, 2023, which is the year end for both the lessee and lessor. (List all debit entries before credit entries. Credit account titles are automaticolly indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.3. 5,275. If no entry is required, select No entry\" for the account titles and enter ofor the amounts) Lessor