On January $1,2024,$ Winn Heat Transfer leased office space under a three$-$year operating lease agreement. The arrangement specified three annual lease payments of $$78,000$ each, beginning December $31,2024,$ and on each December $31$ through $2026.$ The lessor, HVAC Leasing, calculates lease payments based on an annual Interest rate of $5\%.$ Winn also pald a $$285,000$ advance payment at the beginning of the lease. With permission of the owner, Winn made structural modifications to the building before occupying the space at a cost of $$363,000.$ The useful life of the bullding and the structural modifications were estimated to be $30$ years with no residual value.

Note: Use tables, Excel, or a financlal calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Prepare the approprlate entrles for Winn Heat Transfer from the beginning of the lease through the end of $2026.$ Winn's fiscal year is the calendar year.

Note: If no entry Is required for a transactlon$/$event$,$ select $"$No Journal entry required" In the flirst account fleld. Round your answers to the nearest whole dollar.

Journal entry worksheet

$\backslash$table$[[2,3,4,5,6,7,8,$cdots,$12]]$

Record the beginning of the lease for Winn.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,2024,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$