Sheffield, Inc. owns equipment that cost $142,000 and has a useful life of 10 years with no salvage value. On January 1, 2017, Sheffield leases the equipment to Morgan Corporation for one year with one rental payment of $14,500 on January 1. Prepare Sheffield's 2017 journal entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)