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On January 1,2024, a company signed a 6-year non-cancelable lease for a printing press. ...

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Accounting

On January 1,2024, a company signed a 6-year non-cancelable lease for a printing press.
The fair value and the present value of the minimum lease payments are both $500,000.
The lease requires annual payments of $108,582 at the beginning of each year, starting January 1,2024.
The lessors implicit rate is 12% and the lessee knows this.
Please round all your answers to the nearest dollar.
Lessor: Sales-Type (Financing) Lease
Assume that the lessors amortization schedule happens to match the lessees (this wont always be the case). Given that information, what journal entries would the lessor record on:
5.1/1/24, on the inception of the lease. The assets cost to the lessor was 450,000. There should be 2 entries for the inception (not the entry for receiving the first payment).
6.1/1/24, on receiving the first payment.
7.12/31/24:
8.1/1/25:

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