Hy Marx Company recorded a right$-$of$-$use asset of $$636,000$ in a $10-$year operating lease. Lease payments are made annually on January $1$ of each year beginning January $1,2024.$ The interest rate charged by the lessor was $10\%.$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Prepare the appropriate journal entries on January $1,2024,$ and December $31,2024.$

Note: If no entry is required for a particular transaction, select $"$No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.