On January $1,2023,$ Blossom Ltd$.,$ which uses ASPE, sold a truck to Vaughn Finance Corp. for $$70,000$ and immediately leased it back.

The truck was carried on Blossom's books at $$59,000,$ net of $$29,000$ of accumulated depreciation. The term of the lease is five years,

and title transfers to Blossom at lease end. The lease requires five equal rental payments of $$17,996,$ with each payment made at year

end. The appropriate rate of interest is $9\%,$ and the truck has a useful life of five years with no salvage value.

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.$

Prepare Blossom's $2023$ journal entries including any year$-$end adjusting entries at December $31,2023.($List all debit entries before

credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select

$"$No Entry" for the account titles and enter O for the amounts.$)$