Kimberly Leasing Company signs an agreement on January 1,2025, to lease equipment to Splish 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 $93,000. 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 $12,000, none of which is guaranteed. 4. The agreement requires equal annual rental payments of $28,527.18 to the lessor, beginning on January 1,2025. 5. The lessee's incremental borrowing rate is 5%. The lessor's implicit rate is 4% and is unknown to the lessee. 6. Splish uses the straight-line depreciation method for all equipment: Click here to view factor tables. Prepare alf of the fournat entrles for the lessee for 2025 to record the lease agreement, the lease payments, and all expenses related to this lease. A swume the lessee's annual accounting period ends on December 31. (For calculation purposes, use 5 decimal places as displayed in the foctor table provided and round anwwers to 2 decimal places, es. 5.265.25. List all debit entries before credit entries, Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter ofor the amounti) journal entries in the order presented in the problem. If no entry is required, select "No Entry " lor the account titles and entes ofor the amounts.)