Pharoah Corporation, which uses ASPE, manufactures replicators. On May 29, 2020, it leased to Bonita Limited a replicator that cost $ 266,600 to manufacture and usually sells for $ 415,000. The lease agreement covers the replicator's 7-year useful life and requires 7 equal annual rentals of $ 77,545 each, beginning May 29, 2020. The equipment reverts to Pharoah at the end of the lease, at which time it is expected that the replicator will have a residual value of $ 41,200, which has been guaranteed by Bonita, the lessee. An interest rate of 12% is implicit in the lease agreement. Collectibility of the rentals is reasonably assured, and there are no important uncertainties concerning costs. Prepare Pharoah's May 29,2020 journal 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 O for the amounts. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit May 29 Lease Receivable Sales Revenue 415000 Unearned Interest Income