The lease agreement and related facts indicate the following Leased equipment had a retail cash selling price of $490,000 Its useful life was five years with no residual value The lease term was five years and the lessor paid $360,000 to acquire the equipment (thus, selling profit) Lessors implicit rate when calculating annual lease payments was 9 Annual lease payments beginning January 1, 2024, the beginning of the lease, were $115,574 Incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the lessor were $9,400 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

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The lease agreement and related facts indicate the following: Leased equipment had a retail cash selling price of $490,000. Its useful life was five years

The lease agreement and related facts indicate the following:

Leased equipment had a retail cash selling price of $490,000. Its useful life was five years with no residual value.
The lease term was five years and the lessor paid $360,000 to acquire the equipment (thus, selling profit).
Lessors implicit rate when calculating annual lease payments was 9%.
Annual lease payments beginning January 1, 2024, the beginning of the lease, were $115,574.
Incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the lessor were $9,400.

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.