On January 1, 2023, SBI leased several items of equipment under a two-year operating lease agreement from Pharmacy, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $44,000 each, payable semiannually on June 30 and December 31 of each year. The equipment was acquired by Pharmacy at a cost of $364,000 and was expected to have a useful life of 5 years with no residual value. Both SBI and Pharmacy record amortization and depreciation semiannually.

Prepare the appropriate journal entries for the lessee from the beginning of the lease through the end of 2023.