was carried at a cost of $190,000 to Swander Company. The term of the lease is 6 years beginning December 31, 2019, with equal rental payments of $49,017.71 beginning December 31, 2019. The fair value of the equipment at commencement of the lease is $250,000. The equipment has a useful life of 6 years with no salvage value. The lease has an implicit interest rate of 7%, no bargain purchase option, and no transfer of title. Collectibility of lease payments for IBM is probable. Prepare IBM's (lessor) December 31, 2019, journal entries at commencement of the lease. Journal Entry to Record Initial Lease - 12/31/19 Accounts [Select] Lease Liability Right-of-Use Asset Lease Receivable Cash [Select] A Debit [Select] [Select] 4 4 [Se [Se [Select] Journal Entry to Record First Lease Payment Received - 12/31/19 Accounts [Select] [Select] Debit [Select] Se