Wildhorse Corporation, which uses ASPE, manufactures replicators. On May 29, 2023, it leased to Sheffield Limited a replicator that cost$267,200 to manufacture and usually sells for $421,000. The lease agreement covers the replicator's 6 -year useful life and requires six equal annual rentals of $78,946 each, beginning May 29,2023 . The equipment reverts to Wildhorse at the end of the lease, at which time it is expected that the replicator will have a residual value of $42,600, which is not guaranteed by Sheffield, the lessee. An interest rate of 8% is implicit in the lease agreement. Collectibility of the rentals is reasonably assured, and there are no important uncertainties concerning costs. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Prepare Wildhorse's May 29, 2023 journal entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.)