Jana Kingston Company entered into a lease agreement on January 1, 2015, which does not transfer ownership rights or has a purchase option at a special price. This lease agreement covers 3 years from 8 years of economic life of the equipment and the present value of the minimum lease payment is less than 80% of the fair market value of the leased asset. Make a Jana journal entry to record an annual lease payment of $ 35,000 as of January 1, 2015. 2. Jennifer Brent Corporation has $ 80,000 worth of equipment at an 8-year economic age with no residual value. On January 1, 2015, Jennifer leased the equipment to Donna Corporation for one year with a one-time rental payment