Sunland Company, a machinery dealer, leased a machine to Carla Vista Corporation on January $1,2025.$ The lease is for an $8-$year period and requires equal annual payments of $$29,928$ at the beginning of each year. The first payment is received on January $1,2025.$ Sunland had purchased the machine during $2024$ for $$150,000.$ Collectibility of lease payments by Sunland is probable. Sunland set the annual rental to ensure a $6\%$ rate of return. The machine has an economic life of $10$ years with no residual value and reverts to Sunland at the termination of the lease.

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Prepare all necessary journal entries for Sunland for $2025.($List all debit entries before credit 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 $0$ for the amounts. Round answers to $0$ decimal places e$.$g$.5,275.$ Record journal entries in the order presented in the problem.$)$