LeBron James (LB) Corporation agres on January 1,2025, to lease equipment from Oriole, Inc for 3 years 1 he lense cails tor aninua lease payments of $19,000 at the beginning of each year. The lease does not transfer owmerstip. nor does it contain a bargain purchase option, and is not a specialized asset. In addition, the usefullife 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 L. J s journal entries on January 1,2025 (commencement of the operating lease) and on December 31,2025 . Assume the implicit rate used by the lessor is unknown, and LB's incremental borrowing rate is 556 . FCredit account titles are automatically indented When the amount is entered Do not indent manually. if no entry is required selict 'No Entry' for the account titles and enter O for the amnounts. List all debit entries before creall entries. For colculotion purposes, wee 5 didinal places os displayed in the factor toble provided and round final onswers to 0 decimat places es 5.275. Record joumat entries in the order presented in the problemt) Cickhere to view factor tables