Skysong Leasing Company signs a lease agreement on January $1,2025,$ to lease electronic equipment to Sheridan Company, The term of the non$-$cancelable lease is $2$ years, and payments are required at the end of each year. The following information relates to this agreement. $1.$ Sheridan has the option to purchase the equipment for $\backslash (\backslash$$ $23,500\backslash )$ upon termination of the lease. It is not reasonably certain that Sheridan will exercise this option. $2.$ The equipment has a cost of $\backslash (\backslash$$ $270,000\backslash )$ and fair value of $\backslash (\backslash$$ $322,000\backslash )$ to Skysong Leasing. The Skysong Leasing desires to earn a return of $\backslash (5\%\backslash )$ on its investment. $4.$ Collectibility of the payments by Skysong Leasing is probable. $($a$)$ Prepare the joyrnal entries on the books of Skysong Leasing to record the payments received under the lease and to recognize income for the years $2025$ and $2026.($b$)$ Assuming that Sheridan exercises its option to purchase the equipment on December $31,2026,$ prepare the journal entry to record the sale on Skysong Leasing's books.