LeBron James (LB]) Corparation agrees on January 1.2025, to lease equigment froen Carla Vista, inc. for 3 years. The lease calls for annual lease payments of $24,000 at the beginning of each year. The lease does not transfer ownership, nor does it contain a bar gain purchase option, and is not aspecialized asset. In addition, the useful life of the equipment is 10 years, and the present value of the lease payments is less than 90% of the fair value of the equipment. Prepare LBJ's journal entries on January 1, 2025 (cornmencement of the operating leasel, and on December 31, 2025. Assame the implicit rate used by the lessor is unknown, and L.BJ incremental borrowing rate is 5%. (Credit account tities are outomatically indented when the amount is entered. Do not indent monually, If no entry b required, gelect "No Entry" for the occount titles and enter Ofor the amounts. List all debit entries before credit entries. For calculation purposes, use 5 decimal ploces as displayed in the factor table provided and round final answers to 0 decimal places, es 5,275. Record journat entries in the crider presented in the problem) Click here to view factor tables