The lease agreement and related facts indicate the following: leased equipment had a retail cash selling price of $300,000. its useful life was five years with no residual value. the lease term is five years and the lessor paid $265,000 to acquire the equipment (thus, selling profit). lessor’s implicit rate when calculating annual lease payments was 8%. annual lease payments beginning january 1, 2018, the beginning of the lease, were $69,571. incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the lessor were $7,500. required: 1. & 2. prepare the appropriate entries for the lessor to record the lease and the initial payment at its commencement and any entry(s) necessary at december 31, 2018, the fiscal year-end. (round your intermediate and final answers to the nearest whole dollar amount. if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)