Sunland inc leases a piece if equipment to Sherifian company on January $12025.$ The contract stipulates a lease term of $5$ years $,$ with equal annual rental payments of $$9,776$ at the end of each year $.$ Ownersgip does not transfwr at the end if the lease term There is no bargain purchase option and the asset is not a specialized nature. The asset had a fair value of $$47,000$ a book vaue of $$45,000,$ and a useful life of $8$ years $.$ At the end of the lease term, Shnland expects the residual value of the asset to be $$12,000,$ and this amount is guaranteed by a thord party. AssumingbSunland wants to earn a $8\%$ return on the lease pumentd is probable, record its journalbentey at the commencement of the lease on Hanuary $1,2025$