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On January $1,2024,$ Robertson Construction leased several items of equipment under a two$-$year operating lease agreement from Jamison Leasing, which routinely finances equipment for other firms at an annual interest rate of $4\%.$ The contract calls for four rent payments of $$42,000$ each, payable semiannually on June $30$ and December $31$ each year. The equipment was acquired by Jamison Leasing at a cost of $$362,000$ and was expected to have a useful life of $5$ years with no residual value. Both firms record amortization and depreciation semi$-$annually.

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Prepare the appropriate journal entries for the lessee from the beginning of the lease through the end of $2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.On January $1,2024,$ Roberson construction leased sever tems of equipment under a twa$-$year operating lease agreementrom Jamison Leasing which routhely fina ces equipment ior other firms a an anoual interest rate of $4\%$ The dontuact cals for four fent payments of $$2,00d$ each. payable ser annuali on Hune $30$ and December $3$ each year. The equipment was eculired by lamisan Leasing et a cost of $$362000$ and was expectedto have a usefullife of $5$ years with no residual value Both firmis necond amoruzaton and depreciation sem$-$anhually

Required:

Prepare the appiopriate oumal entries for the lessee from the beginntng of the lease through the end of $2024$

Note: if no entry is requlired for a transaction cvent. select $"$No journal entry requlred" in the first account tield. Round your intermecliate and final answers to the nearest whole dollar.

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