Pearl, Inc. owns equipment that cost $124,000 and has a useful life of 10 years with no salvage value. On January 1, 2017, Pearl leases the equipment to Morgan Corporation for one year with one rental payment of $13,500 on January 1. Prepare Pearl's 2017 journal entries. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit January 1 (To record receipt of lease payment) December 31 (To record the recognition of the revenue each period) (To record depreciation expenses on the leased asset)