On December 31, 2021, Lang Corporation leased a ship from Fort Company for an eight-year period expiring December 30, 2029. Equal annual payments of $100,000 are due on December 31 of each year, beginning with December 31,2021 . The lease is properly classified as a finance lease on Lang's books. The present value at December 31, 2021 of the eight lease payments over the lease term discounted at 10% is $586,843. Required: Prepare the journal entry that Lang should record on December 31, 2022