On January 1, Year 1, Juliet Co. (seller-lessee) sold equipment with a remaining useful life of 10 years to Marion Co. (buyer-lessor) for $300,000. On January 1, Year 1, the carrying amount of the property was $200,000, and its fair value was $240,000. At the same time, Juliet entered into a contract with Marion for the right to use the equipment (leaseback) for a period of 3 years, with annual rental payments of $80,000 that approximate the market rental payments for similar equipment. The lease does not transfer the equipment to Juliet at the end of the lease term and does not include a purchase option. The leaseback is classified as an operating lease because no criterion for classifying the lease as a finance lease was met. A discount rate for the lease of 7% is used by both Juliet and Marion. The present value factor for an ordinary annuity at 7% for 3 periods is 2.62432. Prepare the journal entries for Juliet and Marion as identified below. Round all amounts to the nearest whole number. Enter all numbers as positive. If there is no entry for an account listed, leave it blank. Prepare the journal entry for Juliet on