Recording Sales-Type Lease Journal Entries- No Residual Value Franklin Co. leased its manufactured equipment to Parker Inc. for a 4-year term. Franklin Co. reported a book value of $44,000 for the equipment in its inventory account. The lease commenced on January 1, 2020, with the first annual payment of $14,800 due immediately. The equipment has a useful life of 4 years, an estimated fair value of $55,104, and no residual or salvage value. The implicit rate of the lease is 5% and collectibility of the lease payments from Parker is probable. Record Franklin's journal entries at the commencement of the sales- type lease. Note: Round your answers to the nearest whole dollar. Note: List multiple debits or credits (when applicable) in alphabetical order. Date Jan. 1, 2020 Account Name Dr. Cr. 0 0 0 0 0 0 0 0 To derecognize asset and record investment in lease Jan. 1, 2020 0 0 0 0 To record cash lease payment