The lease agreement and related facts indicate the following:

a$.$ Leased equipment had a retail cash selling price of $$300,000.$ Its useful life was five years with no residual value.

b$.$ The lease term was five years and the lessor paid $$265,000$ to acquire the equipment $($thus$,$ selling profit$).$

c$.$ Lessor's implicit rate when calculating annual lease payments was $8\%.$

d$.$ Annual lease payments beginning January $1,2024,$ the beginning of the lease, were $$69,571.$

e$.$ Incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the lessor were $$7,500.$

Required:

& $2.$ Prepare the appropriate entries for the lessor to record the lease and the initial payment at its commencement and any entry$($s$)$ necessary on December $31,2024,$ the fiscal year$-$end.

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.

Answer is not complete.

$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$January $01,2024,$Lease receivable,var$,300,000vv,],[,$Sales revenue,$x,,300,000$The lease agreement and related facts indicate the following:

Leased equipment had a retail cash selling price of $$300,000.$ Its useful life was five years with no residual value.

The lease term was five years and the lessor paid $$265,000$ to acquire the equipment $($thus$,$ selling profit$).$

Lessor$$s implicit rate when calculating annual lease payments was $8\%.$

Annual lease payments beginning January $1,2024,$ the beginning of the lease, were $$69,571.$

Incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the lessor were $$7,500.$

Required:

$1.$ & $2.$ Prepare the appropriate entries for the lessor to record the lease and the initial payment at its commencement and any entry$($s$)$ necessary on December $31,2024,$ the fiscal year$-$end.

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.