Pharoah Corp. agreed to lease property from Concord Corp. effective January 1, 2017, for an annual payment of $24,119, begnningJanuary 1, 2017, The property Is made up of land with a falr value of $122,000 and a two-storey office bullding wlth a fair value of $148,000 and a useful life of 21 years with no residual value. The implicit interest rate is 7.5%, te lease term is 21 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 2017 and at its ear end 0f December 31 2017. Both Pharoah and Concord use A5PE entry is required, select "No Entry" for the account titles and enter 0 for the amounts, Round answers to 0 decimial places, e.g. 5,275.) Credit account tit es re automatical y hdented wen the mount is entered. Do not indent nua If o Date Account Titles and Explanation Debit Credit Jan. 1 Land under Lease 22000 Buildings under Lease To record incephon cf loasc) Jan. 1 | | bligations under Lease 24119 Cash 2411 To record tirst lease payment) Dec. 31Interest Expense 20250 Interest Payable 20250 To record accrued Interest) Dec. 31 Depredation Expense 12005 Accumulated Depreciation Leased Buildings