Cortez Corporation enters into a 6-year lease of equipment on January 1, 2015, which requires 6 annual payments of R\($40\),000 each, beginning January 1, 2015. In addition, Cortez guarantees the lessor a residual value of R\($20\),000 at lease-end. The equipment has a useful life of 6 years. Prepare Cortez’s January 1, 2015, journal entries assuming an interest rate of 10%.