prepare jounal entries both Lessee and lessor

Perry leased tanning equipment from White Leasing on January 1, 2020. White manufactured the equipment at a cost of $275,000. The terms of the lease are: A. Six annual payments of $90,000 beginning January 1, 2020 and on December 31 each year through 2025. B. The interest rate for the transaction is 10%. C. The estimated useful life of the equipment is 6 years. Required: Record the entries for both the lessee and lessor on January 1, 2020