Swifty Corporation leases equipment from Falls Company on January 1, 2025. The lease agreement does not transfer ownership, contain a bargain purchase option, and is not a specialized asset. It covers 3 years of the equipment's 8 -year useful life, and the present value of the lease payments is less than 90% of the fair value of the asset leased. Prepare Swifty's journal entries on January 1, 2025, and December 31, 2025. Assume the annual lease payment is $44,000 at the beginning of each year, and Swifty's incremental borrowing rate is 4%, which is the same as the lessor's implicit rate. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, e.g. 5,265. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Click here to view factor tables