On January 1, 2017, Windsor Co. leased a building to Wildhorse Inc. The relevant information related to the lease is as follows.

1.		The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $3,100,000 (unguaranteed).
2.		The leased building has a cost of $3,600,000 and was purchased for cash on January 1, 2017.
3.		The building is depreciated on a straight-line basis. Its estimated economic life is 50 years with no salvage value.
4.		Lease payments are $250,000 per year and are made at the beginning of the year.
5.		Wildhorse has an incremental borrowing rate of 9%, and the rate implicit in the lease is unknown to Wildhorse.
6.		Both the lessor and the lessee are on a calendar-year basis.

Prepare the journal entries that Windsor should make in 2017.

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(To record cost of the building)

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(To record receipt of lease payment)

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(To record the recognition of the revenue each period)

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(To record depreciation expense on the leased asset)