Cullumber Corporation manufactures drones. On December $31,2024,$ it leased to Crane Company a drone that had cost $$104,800$ to manufacture. The lease agreement covers the $5-$year useful life of the drone and requires $5$ equal annual rentals of $$37,400$ payable each December $31,$ beginning December $31,2024.$ An interest rate of $8\%$ is implicit in the lease agreement. Collectibility of the rentals is probable.

Prepare Cullumber's December $31,2024,$ journal entries. $($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. For calculation purposes, use $5$ decimal places as displayed in the factor table provided and round final answers to $0$ decimal places e$.5,275.)$

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$($To record receipt of lease payment$)$X