Pharoah Corp. agreed to lease property from Concord Corp. effective January 1, 2020, for an annual payment of $22.532 beginning January 1, 2020. The propert is made up of land with a fair value of $122,000 and a two-storey office building with a fair value of $148,000 and a useful life of 25 years with no residual value. The implicit interest rate is 7.5%, the lease term is 25 years, and title to the property is transferred to Pharoah at the end of the lease term Prepare the required entries made by Pharoah Corp. on January 1, 2020, and at its year end of December 31, 2020. Both Pharoah and Concorde ASPEN account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accounts and enter for amounts. Round answers to 0 decimal places, e.g. 5,275.) Credit Date Debit Account Titles and Explanation Jan. 1 (To record inception of lease and first lease payment.)