Crane Leasing Company leases a new machine to Cullumber Corporation. The machine has a cost of $$65,000$ and fair value of $$91,000.$ Under the $3-$year, non$-$cancelable contract, Cullumber will receive title to the machine at the end of the lease. The machine has a $3-$year useful life and no residual value. The lease was signed on January $1,2025.$ Crane expects to earn an $8\%$ return on its investment, and this implicit rate is known by Cullumber. The annual rentals are payable on each December $31,$ lt ginning December $31,2025.$

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Prepare the journal entry at commencement of the lease for Cullumber, assuming $(1)$ Cullumber does not know Crane's implicit rate $($Cullumber$\text{'}$s incremental borrowing rate is $9\%),$ and $(2)$ Cullumber incurs initial directs costs of $$13,000.($List all debit entries before credit entries. 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 $0$ for the amounts. Round final answers to $0$ decimal places e$.$g$.5,275.)$