Cullumber Corporation, which uses ASPE, leased equipment it had manufactured at a cost of $155,600 for Crane, the lessee. The equipment's regular selling price is $198,000. The term of the lease is 6 years, beginning January 1,2023 , with equal rental payments of $37,987 at the beginning of each year. Crane pays all executory costs directly to third parties. The equipment's fair value at the lease's inception is $198,000. The equipment has a useful life of seven years with no residual value. The lease has an implicit interest rate of 6%, no bargain purchase option, and no transfer of title. Collectibility is reasonably assured, with no additional costs to be incurred by Cullumber. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Prepare Cullumber's January 1, 2023 journal entries at the inception of the lease and the entry at December 31, 2023, to record interest. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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 factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.)