Morgan Bakeries entered into a lease agreement with ABC Co$.$ The lease is noncancelable, and in no case does Morgan receive title to the property leased during or at the end of the lease term. The lease starts on January $1,2025,$ with the first rental due at the beginning of the year. Assume that the lessors have an alternative use for the assets at the end of the lease unless ownership transfers to the lessee. Additional information is shown in the following table.

$\backslash$table$[[,$ABC Co$.],[$Type of property,Truck$],[$Yearly Rental,$$17,000$