On January 1, 2021, Antonios Pizzeria leased retail space from Berenstein Properties. The 12-year finance lease requires annual variable lease payments equal to 3% of Antonios Pizzerias sales revenue, with an annual sales minimum of $1,200,000. Payments at the beginning of each year are based on previous years sales. During the previous 5-year period, Antonios Pizzeria has generated annual sales of over $650,000. Berensteins interest rate, known by Antonios Pizzeria, was 5%.

Prepare the journal entries for Antonio's Pizzeria at the beginning of the lease

Prepare the journal entries for Antonio's Pizzeria on January 1, 2024. 2024 sales were $1,980,000. Amortization is recorded annually,