Cullumber Manufacturing Ltd. has signed a lease agreement with Blossom Leasing Inc. to lease some specialized manufacturing equipment. The terms of the lease are as follows: - The lease is for 5 years commencing January 1,2023. - Cullumber must pay Blossom $59,954 on January 1 of each year, beginning in 2023. - Equipment of this type normally has an economic life of 6 years. - Blossom has concluded, based on its review of Cullumber's financial statements, that there is no unusual credit risk in this situation. Blossom will not incur any further costs with regard to this lease. - Blossom purchases this equipment directly from the manufacturer at a cost of $224,602, and normally sells the equipment for $277,702. - Cullumber's borrowing rate is 7%. Blossom's implied interest rate is 6%, which is known to Cullumber at the time of negotiating the lease. - Cullumber uses the straight-line method to depreciate similar equipment. - Both Cullumber and Blossom have calendar fiscal years (year end December 31), and follow ASPE. Prepare the journal entries on Blossom Leasing's books on January 1, 2023. (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.) Da Jal 1 , 20