On January $1,2025,$ Basel Inc. sold computer equipment to Christina Co$.$ The sales price of the

equipment was $$318,000$ and its carrying amount is $$180,000.$ Record any journal entries necessary

for Basel from the sale of the computer equipment in $2025.$

b$.$ Use the information from part $($a$).$ Assume that, on the same day the sale occurred, Basel enters

into an agreement to lease the equipment from Christina for $8$ years with annual lease payments of

$$51,209\mathrm{.}46$ at the end of each year, beginning on December $31,2025.$ If Basel has an incremental

borrowing rate of $6\%$ and the equipment has an economic useful life of $8$ years, record any journal

entries necessary for Basel from the sale and leaseback of computer equipment in $2025.$

c$.$ Use the information from part $($b$).$ Now, instead of $8$ years, the lease term is only $2$ years with

annual lease payments of $$48,310,78$ at the beginning of each year. Record any journal entries

necessary for Basel from the sale and leaseback of computer equipment in $2025$

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