Tamarisk Company leased equipment from Costner Company, beginning on December 31, 2024. The lease term is 5 years and requires equal rental payments of $49,271 at the beginning of each year of the lease, starting on the commencement date (December 31, 2024). The equipment has a fair value at the commencement date of the lease of $220,000, an estimated useful life of 5 years, and no estimated residual value. The appropriate interest rate is 6%. Click here to view factor tables. Prepare Tamarisk's 2024 and 2025 journal entries, assuming Tamarisk depreciates similar equipment it owns on a straight- line basis. (List all debit entries before credit atries. Credit account titles are Atomatically indented when the amount is

Tamarisk Company leased equipment from Costner Company, beginning on December 31, 2024. The lease term is 5 years and requires equal rental payments of $49,271 at the beginning of each year of the lease, starting on the commencement date (December 31, 2024). The equipment has a fair value at the commencement date of the lease of $220,000, an estimated useful life of 5 years, and no estimated residual value. The appropriate interest rate is 6%. Click here to view factor tables. Prepare Tamarisk's 2024 and 2025 journal entries, assuming Tamarisk depreciates similar equipment it owns on a straightline basis. (List all debit entries before credit ltries. Credit account titles are