On January 1, 2021, Taco King, leased several video surveillance systems under a two-year operating lease agreement from Camera Queen Leasing, which routinely finances equipment for other firms at an annual interest rate of 8%. The contract calls for four rent payments of $30,000 each, payable semiannually on June 30 and December 31 each year. The surveillance systems were acquired by CameraQueen at a cost of $250,000 and were expected to have a useful life of five years with no residual value. Both firms records amortization and depreciation semiannually. Required: Prepare the appropriate entries for both (a) the lessee and (b) the lessor from the beginning of the lease through the end of 2021