please confirm if this is correct

Oriole Corporation agrees on January 1, 2025, to lease equipment from Pharoah, Inc for 3 years. The lease calls for annual lease payments of $22,000 at the beginning of each year. The lease does not transfer ownership, contain a bargain purchase option, and is not a specialized asset. In addition, the economic life of the equipment is 10 years, and the present value of the lease payments is less than 90% of the fair value of the equipment. Assume that for Pharoah, Inc, the lessor, the collectibility of the lease payments is probable, and the fair value and cost of the equipment is $172,000. Prepare Pharoah' 2025 journal entries, assuming the company uses straight-line depreciation and no salvage value. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit occount titles are outomatically indented when the amount is entered. Do not indent manually. Record Joumal entries in the order presented in the problem)