The following relate to an operating lease agreement:

1. The lease term is three years, beginning January 1, 2024.
2. The leased asset cost the lessor $820,000 and had a useful life of eight years with no residual value. The lessor uses straight-line depreciation for its depreciable assets.
3. Annual lease payments at the beginning of each year were $140,000.
4. Incremental costs of negotiating and consummating the completed lease transaction incurred by the lessor were $2,700.

Required:

Prepare the appropriate entries for the lessor from the beginning of the lease through the end of the lease term.

Note: Round your intermediate and final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.