Date Account Titles and Explanation Debit Cred (To record the lease) Concord Corporation enters into a 6-year lease of equipment on December 31,2024, which requires 6 annual payments of $36,300 each, beginning December 31,2024. In addition, Concord guarantees the lessor a residual value of $18,400 at the end of the lease. However, Concord believes it is probable that the expected residual value at the end of the lease term will be $8,400. The equipment has a useful life of 6 years. Assume that for Lost Ark Company, the lessor, collectibility of lease payments is probable and the carrying amount of the equipment is $150,000. Prepare Lost Ark's 2024 and 2025 joumal entries, assuming the implicit rate of the lease is 11% and this is known to Concord. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. Uist all debit entries before credit entries. For calculation purposes, use 5 decimal places as displayed in the foctor toble provided and round final answers to 0 decimal places es. 5,275.)