Izabeth Leasing Company signs an agreement on January 1, 2025, to lease equipment to Concord Compary. The following iformation 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 years. 2. The fairvalue of the asset at January 1,2025 , is $74,000. 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 which is guaranteed. 4. The agreement requires equal annual rental payments of $23,175,99 to the lessor, beginning on January 1,2025. 5. The lessee's incremental borrowing rate is 5%. The lessor's implicit rate is 489 and is unkown to the lessee. 6. Concord uses the straight-line depreciation method for allequipment Click here to view factortables. Prepare ail of the journal entries for the lessee for 2025 to record the lease agreement, the lease payments, and all expenses related to thislease Assume the lessee's annual accounting period ends on December 31 . For caiculation purposes, use 5 decimal ploces as displayed in the factor toble provided and raund answers to 2 decimal placosi eg. 5.265.25. Lht all debit entries before credit entries. Credit occount tities are'automoticolly indented when the amount is entered Do not indent manualy Recordjoumal entries in the onder presented in the problem. If no entry is requined, seloct 'No Entry' for the occount titles and enter Ofor the amounts)