$On$ January $1,2024,$ QuickStream Communications leased telephone equipment from Digium, Incorporated Digium$s$ cash selling price for the equipment $is$ $$1,435,494.$

$*$ The lease agreement specifies six annual payments $of$ $$320,000$ beginning December $31,2024,$ and $on$ each December $31$ thereafter through $2029.$

$*$ The six$-$year lease $is$ equal $to$ the estimated useful life $of$ the equipment.

$*$ The contract specifies that lease payments for each year will increase $by$ the higher $of(a)$ the increase $in$ the Consumer Price Index for the preceding year $or(b)3\%.$

$*$ The CPI $at$ the beginning $of$ the lease $is110.$ Digium routinely leases equipment $to$ other firms.

$*$ The interest rate $in$ these lease arrangements $is9\%.$

Prepare the appropriate journal entries for QuickStream $to$ record the lease $at$ its beginning date $of$ January $1,2024.$