Cullumber Leasing Company leases a new machine to Blossom Corporation. The machine has a cost of $65,000 and fair value of $97,000. Under the 3-year, non-cancelable contract, Blossom 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. Cullumber expects to earn an 8% return on its investment, and this implicit rate is known by Blossom. The annual rentals are payable on each December 31 , beginning December 31 , 2025. (b). (c) (d) (e) Prepare the journal entry at commencement of the lease for Blossom, assuming (1) Blossom does not know Cullumber's implicit rate (Blossom's incremental borrowing rate is 9% ), and (2) Blossom incurs initial directs costs of $14,000. (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 O for the amounts. Round final answers to O decimal places e.g. 5,275.)