Sheiffeld inc. was incorporated in 2024 to operate as a computer software service firm, with an accounting fiscal year ending August 31. Shefficld's primary product is a sophisticated online inventory-control system, its customers pay a fowed fee plus a usage charge for using the system. Shetfeld has leased a large, Alpha-3 computer system from the manufacture, The lease calls for a monthly rental of $51,000 for the 144 months ( 12 years) of the lease term. The estimated useful life of the computer is 15 years. All rentals are payable on the first day of the month beginning with August 1,2025 , the date the computer was installed and the lease agreement was signed. The lease is non-cancelable for its 12 -year term, and it is secured only by the manufacturer's chattel liect on the Alpha-3system This lease is to be accounted for as a fnance lease by Shetfeld, and it will be amortized by the straight-line methoct. Borrowed funds for this type of transaction would cost Sheffield 6% per year 10.5% per month). Following is a schedule of the present value of an annuity due for selected periods discounted at 0.5% per period when paryments are made at the beginning of each period Prepare all entries Sheffield should make in its accounting records during August 2025 relating to this lease. Remember. August 31 , 2025, is the end of Shetheld's fiscal accounting period, and it will be preparing financial statements on that date. Do not prepare closing 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. Round onswers to O decimal places, eg. 125. Record journal entries in the order presented in the problem. List all debit entries before credit entries) (To record the lease.) (To record lease payment.) (To record interest.)