Sheridan enters into an agreement with Sunland Inc, to lease a car on December 31, 2024. The following information relates to this agreoment 1. The term of the non-cancetable lease is 3 years with no renewal or bargain purchase option. The remaining economic life of the car is 3 years, and it is expected to have no residual vabue at the end of the lease term. 2. The fairvalue of the car was $15,536 at commencement of the lease. 3. Annual payments are required to be made on December 31 at the end of each vear of the lease, beginning December 31 , 2025. The first payment is to be of an amount of $5.751.22, with each payment increasing by a constant rate of 5% from the previous payment (1.e, the second payment will be \$6,03A 78 and the third and fral payment will be \$6,340.72). 4. Sheridan' incremental borrowing rate is 8%. The rate implicit in the lease is unknown. (a) Prepare Sheridar journal entries for 2024, 2025, and 2026. (Uit all debit entries before credit entries. Condit account title are automatkally indented when the amount is entered. Do not indent manualig. If no entry la required, select "No Entry" for the occount title and decimal places, ef 5,275,25. Recard joumal entrles in the onder presented in the problem. Clickhere taviexifactoribles