On January 1, 2017, Tejas Distributors sold a warehouse to Jamble Leasing for $650,000 and immediately leased it back. The warehouse was carried on Tejas’ books at $311,000. The term of the lease is 20 years, and title transfers to Tejas at lease-end. The lease requires 20 equal rental payments of $66,204 at the end of each year. The appropriate rate of interest is 8%, and the truck has a useful life of 20 years with no salvage value. Prepare Tejas’s 2017 journal entries.