On $1/1/24$ Co A lease equipment with with a useful life of $6$ years under the following terms: Lease payment are $25,000$ per month for $5$ years with first payment due $1/1/24($issue date$),$ Co A incremental borrowing rate is $12\%,$ Co A has the option to purchase the equipment at the end of the term for FMV $($fair market value$),$ record the journal entries for $1/1/24$ and $1/31/24.$