The lease agreement and related facts indicate the following:

1. Leased equipment had a retail cash selling price of $310,000. Its useful life was six years with no residual value.
2. The lease term was six years and the lessor paid $270,000 to acquire the equipment (thus, selling profit).
3. Lessors implicit rate when calculating annual lease payments was 7%.
4. Annual lease payments beginning January 1, 2021, the beginning of the lease, were $60,782.
5. Incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the lessor were $7,600.

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 at December 31, 2021, the fiscal year-end. (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.)

View transaction list Journal entry worksheet 12 3 4 Record the lease. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 2 3 4 Record the initial direct costs. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the cash received. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet