Oriole Manufacturing Ltd. has signed a lease agreement with Pharoah Leasing Inc. to lease some specialized manufacturing equipment. The terms of the lease are as follows: - The lease is for 5 years commencing January 1,2023. - Oriole must pay Pharoah $56,072 on January 1 of each year, beginning in 2023. - Equipment of this type normally has an economic life of 6 years. - Pharoah has concluded, based on its review of Oriole's financial statements, that there is no unusual credit risk in this situation. Pharoah will not incur any further costs with regard to this lease. - Pharoah purchases this equipment directly from the manufacturer at a cost of $205,968, and normally sells the equipment f $260,368. - Oriole's borrowing rate is 7\%. Pharoah's implied interest rate is 6%, which is known to Oriole at the time of negotiating the lease. - Oriole uses the straight-line method to depreciate similar equipment. - Both Oriole and Pharoah have calendar fiscal years (year end December 31), and follow ASPE. Prepare the journal entries for Oriole Manufacturing on December 31, 2023. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,125.)