On January 1, the lessee company signed an operating lease contract. The lease contract calls for $3,000 payments at the end of each year for 10 years. The rate implicit in the lease is 10%.

1. Make the journal entry necessary on the books of the lessee company on the lease-signing date. If no entry is required, type "No Entry Required" and leave the amount boxes blank.

2. Make the journal entry necessary on the books of the lessee company to record the first lease payment. If no entry is required, type "No Entry Required" and leave the amount boxes blank.