On January 1, 2014, HighFiber Company leased several machines from Fortwine Company under a three-year operating lease agreement. The lease calls for semiannual payments of $15,000 each, payable on June 30 and December 31 of each year. The machines were acquired by Fortwine at a cost of $90,000 and are expected to have a useful life of five years with no expected residual value.

Required: Prepare the appropriate journal entries for the lessee from the inception of the lease through the end of 2014.