On January $1,2021,$ Moorecraft Finance Company agreed to lease a piece of machinery to Ward Construction Products, Inc. Moorecraft paid $$1,554,516$ to acquire the machine from the manufacturer and carries it at this amount in its financial statements. The fair value $($current selling price$)$ of the machine is $$1,554,516.$ The relevant lease terms follow.

Annual rental payments of $$263,516$ are due on January $1$ of each year. These payments do not include any executory costs.

Lease term is $6$ years.

There is no purchase option.

The lessor expects to recover the unguaranteed residual value of $$280,000$ at the termination of the lease.

The economic life of the asset is $7$ years.

The lessor$$s implicit rate is known to Ward Construction.

Annual maintenance is $$20,000,$ and annual property tax is $$12,500.$ The lessee pays both on January $1$ of the year to the lessor. The property taxes are included in the payment made by the lessee to the lessor.

The lessor has no material uncertainties regarding future costs to be incurred under the lease, and collectability of lease payments is reasonably assured.

Ward depreciates similar machinery that it owns using the straight$-$line method.

The fiscal year ends on December $31$ for both companies.

$*$ Prepare the lessor$$s journal entries required for each year of the lease term assuming that the equipment is returned with a fair value of $$280,000.**$USE THE THE THREE LAST IMAGES, I NEED THE INFO FOR THEM$*$