On July 1, 2019, Jupiter Company leased equipment to Planet Company. The terms of the lease are as follows:

Fair value of leased asset	70,000
Lease payments, due each Jul 1	12,000
Lease term	9 years
Economic life of leased asset	10 years
Guaranteed residual value	6,000
Expected payout under the guaranteed residual	6,000
Implicit rate in the lease (not readily determinable by lessee)	13%
Lessee's incremental borrowing rate	15%

Planet uses straight-line depreciation for its property, plant, and equipment, and its year -end is December 31.

Required:

Prepare the journal entries for the lessee from July 1 through December 31, 2020.