On January $1,2022$ "Jordan Co$."$ and "Palestine Co$."$ sign a lease agreement, that calls for "Jordan Co$."$ to lease a Machine to "Palestine Co$."$ for $5$ years for $$60000$ paid at the beginning of each year.

Estimated economic life for the machine is $6$ years.

the contract guaranteed residual value of $$15,000.$ Palestine co$.$ expects that it is probable that the expected value of the residual value at the end of the lease will be $$10,000$ The machine reverts to Jordan co$.$ at the termination of the lease.

Depreciation used $($straight$-$line method$).$

implicit interest rate is $6\%.$

Present value of $$1$ for $5$ periods at $6\%=\mathrm{.}747$

Present value of annuity for $5$ periods at $6\%=4\mathrm{.}212$

Write the journal entries recorded on January $1,2022$

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