Rockford Industries, a manufacturing company, signs a six$-$year lease on a packaging machine on January $1.$ The lease requires Rockford to make monthly lease payments of $$12,000$ with the first payment due December $31.$ Rockford could have financed a purchase of the machine with a $8\%$ loan.

a$.$ Report the entries that Rockford Corporation would make on January $1$ and December $31$ to

record this lease assuming it is reported as an operating lease.