The lease agreement and related facts indicate the following: a. Leased equipment had a retail cash selling price of $340,000. Its useful life was six years with no residual value: b. The lease term was six years and the lessor paid $285,000 to acquire the equipment (thus, selling profit). c. Lessor's implicit rate when calculating annual lease payments was 10%. d. Annual lease payments beginning January 1, 2024, the beginning of the lease, were $70,970. e. Incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the lessor were $7.900 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. Journal entry worksheet (3) 4 Note: Enter debits before credits: Journal entry worksheet 4 Record the Initial direct costs. Note: Enter debits before credits. Record the cash recelved. Note: Enter debits before credits. Record accrued interest. Note: Enter debits before credits