On January $1,2023,$ Archibald Industries entered into an agreement to lease office space for a five$-$ year period. Details of the lease are:

$1.$ Payments $$55,000$ per annum first due at the commencement date.

$2.$ Payment includes:$$50,000$ for office rental and $$5,000$ for property taxes.

$3.$ Interest rate implicit in the lease: Not readily determinable.

$4.$ Incremental borrowing rate:$8\%.$

$5.$ Depreciation method:straight$-$line.

$6.$ Year end:December $31.$

Required: Prepare Archibald Industries' journal entries for $2023$ and January $1,2024.$