Lotsa Bucks leased equipment to Shannon Company on January $1,2024.$ The lease payments were calculated to provide the lessor a $10\%$ return. Ten annual lease payments of $$20,000$ are due at the beginning of each year beginning January $1,2024.$ The present value of an annuity due of $$1$ at $10\%$ for ten periods is $6\mathrm{.}75902.$Required:Prepare the journal entries to record the lease by Shannon on January $1,2024,$ and on December $31,2024,$ the end of the reporting period. Consider this to be a finance lease.Prepare the journal entries to record the lease by Shannon on January $1,2024,$ and on December $31,2024,$ the end of the reporting period. Consider this to be an operating lease.Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.