The contract calls for four rent payments of $$58,000$ each, payable semiannually on June $30$ and December $31$ each

year. The equipment was acquired by Jamison Leasing at a cost of $$378,000$ and was expected to have a useful life of

five years with no residual value. Both firms record amortization and depreciation semi$-$annually.

Required:

Prepare the appropriate journal entries for the lessor $($Jamison Leasing$)$ from the beginning of the lease through the end

of $2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

$(1)$ Record the first payment received by

Jamison Leasing.

$2$ Record the amortization or depreciation

expense for Jamison Leasing.

$(3)$ Record the second payment received by

Jamison Leasing.

$4$ Record the amortization or depreciation

expense for Jamison Leasing.

Note : $=$ journal entry has been entered