Kristoff Equipment leases Snow cone machines to Elsa and Olaf and entered into a finance lease on January 1, 2020. The lease term is five (5) years with annual lease payments of $60,000 beginning at lease commencement. The Snow cone machines cost Kristoff $200,000 and have a fair value of $300,000. Prepare Kristoff's (lessor's) January 1, 2020 journal entries to record (1) commencement of the lease and (2) collection of the first lease payment