On January 1, 2024, QuickStream Communications leased telephone equipment from Digium, Inc. Digium's cash selling price for the equipment is $1 , 306 , 578 . - The lease agreement specifies six annual payments of $300 , 000 beginning December 31 , 2024, and on each December 31 thereafter through 2029. - The six-year lease is equal to the estimated useful life of the equipment. - The contract specifies that lease payments for each year will increase by the higher of (a) the increase in the Consumer Price Index for the preceding year or (b) 3% . - The CPI at the beginning of the lease is 120 . Digium routinely leases equipment to other firms. - The interest rate in these lease arrangements is 10% . Required: Prepare the appropriate journal entries for QuickStream to record the lease at its beginning date of January 1, 2024