On February 25, 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842). The new guidance became effective for fiscal years beginning after December 15, 2018. The new lease accounting standard made many changes, most significant of which is the balance sheet presentation of operating lease liabilities. Previously under ASC 840, when a lease was classified as an operating lease, only rent or lease expense was recognized in the lessees income statement, while no liabilities would be shown on the lessees balance sheet. The new lease accounting standard retains the classification between operating and finance leases, but requires assets and liabilities from all leases longer than 12 months be shown on the balance sheet.

On January 1, 2021, Delta Air Lines, Inc. (NYSE: DAL) leases a Boeing 787 aircraft from The Boeing Company (NYSE: BA) under a 20-year noncancelable lease agreement. The following information about the lease and the aircraft is provided:

1. Annual lease payment of $12 million is due January 1 each year, with the first payment made on January 1, 2021.
2. The interest rate used by Boeing in structuring the lease is 3%, which is known to Delta.
3. The aircraft has a useful life of 30 years and will revert back to Boeing at the end of the lease term, with a guaranteed residual value of $25 million. It is probable that the aircraft will have a residual value greater than $25 million.
4. Delta uses the straight-line method for depreciation of similar aircrafts.
5. The fair value of the aircraft is $200 million. The cost of the aircraft to Boeing is $160 million.
6. Collectibility of the lease payments is probable.

Prepare the journal entries the lessor, Boeing, needs to record on January 1, 2021 in relation to this sales-type lease, assume the use of a perpetual inventory method. Round all amounts to the nearest dollar.