a$.$ On June $1,$ Steady Consulting signed a lease on electronic office equipment for three years. At the end of the lease Steady has the option to purchase the equipment for $$1.$ Lease payments are to be $$1,644\mathrm{.}27$ per month with payment due the $1$st of the month. The implied interest rate is $12\%$ and the present value of the lease payments is $$50,000.$ As part of the lease term Steady will be billed an additional $$300$ per month for a maintenance contract. Give the journal entries related to the lease for June $1$ and July $1.($The $1$st payment will be June $1.$ Depreciation will be recorded at year end only.$)$

b$.$ Assuming straight line and no salvage value and a $4$ year useful life, what is the depreciation expense on the leased equipment at December $31?$