Shamrock Company began leasing equipment from Costner Company on December 31, 2019. The lease duration is 5 years, with equal rental payments of $54,994 due at the start of each year of the lease, beginning on the commencement date (December 31, 2019). The equipment has a fair value of $250,000 at the start of the lease, a useful life of 5 years, and no projected residual value. The ideal interest rate is 5%.

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Prepare Shamrock's journal entries for 2019 and 2020, assuming Shamrock depreciates equivalent equipment on a straight-line basis.