On January $1,2024,$ MINE Corporation leased several machines to CRAFT Company of three$-$year operating lease agreement. The first payment occurs on January $1$st$,$ at the beginning of the lease. The lease calls for semiannual payments of $$20,500$ each, pay June $30$ and January $1$ of each year. The machines were acquired by MINE Corporat cost of $$135,000$ and are expected to have a useful life of five years with no expec residual value.

On January $1,2024,$ MINE Corporation will record which of the following?

Credit to Deferred Revenue for $$20,500$

Credit to Rent Revenue for $$20,500$

Credit to Equipment for $$135,000$

Debit to Lease Receivable for $$135,000$