INCLUDE TABLE IN ANSWER!! Assume that on December $31,2024,$ Sunland Asrospace signs a Bysar, non$-$cancalable lease agresment to lease a hanger from Aero

Fiald Managamant Company. The following information pertains to this lease agreament:

The asreament requires equal rental paymants of $$159,834$ beyinning on Decamber $31,2024.$

The fair value of the building on Decamber $31,2024$ is $$1,083,208.$

The building has an estimated economic life of $10$ years, a quarantesd residual value of $$49,600,$ and an expected residual

value of $$34,900.$ Sunl and depreciates similar buildings on the straight$-$line mathod.

The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor.

Sunland's ineramental borrowing rate is $6\%$ per year. The lassor's implicit rate is not known by Sunland.

Click hars to viaw factor tables. $($For calculation purposes, use $5$ decimal places as displayed in the factor table provided.$)$

$($a$)$

Prepare the journal entries on the lesse's books to raflact the signing of the lease agresment and to record the payments and

ecpences related to this lease for the yars $2024,2025,$ and $2026.$ Sunland's fiscal year$-$and is December $31.($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 $0$ for the amounts. Round answers to $0$ decimal places e$.$g$.5\mathrm{.}275.)$

Date

Account Titles and Explanation

Fightof$-$Un Assit

$($To record the lease$)$

Debit

Credit

$2/31/24$

$($To record first lease payment$)$

$($To record amortization of the right$-$of$-$use asset$)$

$($To racord second lease payment'$)$

$($To record amortization of the right$-$of$-$use asset$)$

Laeas Labllty

$($To racord third lease paymant$)$