What would be the journal entries for this transaction?

ber Chapter 10/20 Transaction January 1: Pane purchases equipment on account that they plan to lease to others. Pane then entered into an operating lease agreement with Big Pig Company. Pane agrees to pay the annual insurance premiums (and does so on January I). The annual lease payments are received in cash at the beginning of each year. Additional information is below: Equipment Cost Estimated Life of Equipment (years) Residual Value Lease Term (in years) Annual Lease Payment Annual Insurance Premium NOTE: Do not bother with prepaid/deferred accounts for this transaction, since the firm only prepares financial statements as of December 31. $475,000 10 $0 5 $52,000 $1,500