On December $31,2023,$ a day when the available interest rate was $9\%,$ Valcent Products Inc. leased equipment with an seven$-$year life. The contract called for an $$7,400$ annual lease payment at the end of each of the next five years, with the equipment becoming the property of the lessee at the end of that period. Use TABLE $14$A$\mathrm{.}2.($Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

Prepare entries to record. Valcent Products Inc. uses Accumulated depreciation account to account for depreciation expense. $($Do not round intermediate calculations. Round the final answers to the nearest whole dollar$)$

a$.$ the leasing of the equipment,

b$.$ depreciation expense for $2024$ assuming straight$-$line and a zero residual value,

c$.$ the December $31,2024,$ lease payment, including the recognition of interest expense on the lease liability on December $31,2024.$

Journal entry worksheet

$1$

$2$

$3$

Record the lease of equipment.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$Dec$.31,2023,,,]]$