On December $31,2024,$ Metlock Corporation signed a $5-$year, non$-$cancelable lease for a machine. The terms of the lease called for

Metlock to make annual payments of $$8,482$ at the beginning of each year, starting December $31,2024.$ The machine has an estimated

useful life of $6$ years and a $$5,000$ unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term.

Metlock uses the straight$-$line method of depreciation for all of its plant assets. Metlock's incremental borrowing rate is $8\%,$ and the

lessor's implicit rate is unknown. PREPARE ALL NECESSARY JOURNAL ENTRIES FOR METLOCK FOR THIS LEASE THROUGH DECEMBER $31,2025$