Crane Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31,2020 . Annual rental payments of \\( \\$ 50,025 \\) are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 3\\%. Crane's incremental borrowing rate is \5. Crane is unaware of the rate being used by the lessor. At the end of the lease. Crane has the option to buy the equipment for \\( \\$ 5,000 \\), considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Crane uses the stralght-line method of depreciation on similar owned equipment. Click here to view factor tables. (a) Prepare the journal entries, that Crane should record on December 31, 2020. (Credit account titles are outomatically indented when amount is entered, Do not indent monually. if no entry is required, select \"No Entry' for the occount titles and enter ofor the amounts. Round present value factor calculations to 5 decimal places, es, 1.25124 and the final answers to 0 decimal places, es. 58971 .)