Wildhorse Corporation enters into a $5-$year lease of equipment on December $31,2024,$ which requires $5$ annual payments of $$39,200$ each, beginning December $31,2024.$ In addition, Wildhorse guarantees the lessor a residual value of $$21,100$ at the end of the lease. However, Wildhorse believes it is probable that the expected residual value at the end of the lease term will be $$10,550.$ The equipment has a useful life of $5$ years. Prepare Wildhorses' December $31,2024$ journal entries assuming the implicit rate of the lease is $9\%$ and this is known to Wildhorse.