Oriole Company, a machinery dealer, leased a machine to Pharoah Corporation on January $1,2025.$ The lease is for an$8-$year period and requires equal annual payments of $$33,300$at the beginning of each year. The first payment is received on January $1,2025.$ Oriole had purchased the machine during $2024$ for $$150,000.$ Collectibility of lease payments by Oriole is probable. Oriole set the annual rental to ensure a$6\%$ rate of return. The machine has an economic life of $10$ years with no residual value and reverts to Oriole at the termination of the lease. Assume that Pharoah Corporation does not know the rate implicit in the lease used by Oriole, and Pharoahs incremental borrowing rate is $8\%.$ In addition, assume that Pharoah incurs initial direct costs of $$12,000.$

$$Prepare all necessary journal entries for Pharoah for $2025$