Wildhorse Corporation enters into a 6-year lease of equipment on December 31,2024, which requires 6 annual payments of $42,200 each, beginning December 31,2024 . In addition, Wildhorse guarantees the lessor a residual value of $19,500 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 $9,750. The equipment has a useful life of 6 years. Prepare Wildhorses' December 31,2024, journal entries, assuming the implicit rate of the lease is 10% and this is known to Wildhorse. (Uist all debit entries before credit entries. Credit account titles ore outomatically indented when amount is entered. Do not indent mankplly. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. For calculation purposes, use 5 decimal places as displayed in the foctor table provided and round final answers to 0 decimal places es. 5,275) Date Account Titles and Explanation Debit Credit December 31 , 2024 (To record the lease liability) December 31 , 2024 (To record lease payment)