Margaret Leasing Company signs an agreement on January $1,2025,$ to lease equipment to Bonita Company. The following information relates to this agreement.

The term of the non$-$cancelable lease is $3$ years with no renewal option. The equipment has an estimated economic life of $5$ years.

The fair value of the asset at January $1,2025,$ is $$78,000.$

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.

The agreement requires equal annual rental payments of $$23,329\mathrm{.}83$ to the lessor, beginning on January $1,2025.$

The lessee's incremental borrowing rate is $5\%.$ The lessor's implicit rate is $4\%$ and is unknown to the lessee.

Bonita uses the straight$-$line depreciation method for all equipment.

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repare all of the journal entries for the lessee for $2025$ to record the lease agreement, the lease payments, and all expenses relate o this lease. Assume the lessee's annual accounting period ends on December $31.($For calculation purposes, use $5$ decimal places as