Elizabeth Leasing Company signs an agreement on January 1.2025, to lease equipment to Concord Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 vears: 2. The fair value of the asset at january 1,2025 , is 574,000 . 3. The asset will revert to the lessor at the end of the lease term. at which time the asset is expected to have a residual value of \\( \\$ 8,000 \\), none of whichis guaranteed. 4. The agreement requires equal annuai rental payments of \\( \\$ 23.175 .99 \\) to the lessoe, beginning on January 1.2025 . 5. The lessec's incrementai borrowing rate is \5. The lessor's implicit rate is \4 and is unknown to the lessee 6. Concord uses the straight-line depreciation me thod for all equipment: Click here to view factor tables Prepare all of the journal entries for the lessec for 2025 to record the lease egreement, the lease payments, and all expenses related to this icase. Assume the lessee's annual accounting period ends on December 31 Gor caleulation pumposes, use 5 decinal elocs as the probirm. If no entry s mquirnd, select \"No Entry' for the occount titles and entere ofor the omounte)