On January $1,2024,$ Ghosh Industries leased a high$-$performance conveyer to Karrier Company for a four$-$year period ending December $31,2027,$ at which time possession of the leased asset will revert back to Ghosh. $-$ The equipment cost Ghosh $$956\mathrm{.}000$ and has an expected useful tife of five years. $-$ Ghosh expects the residual value at December $31,2027,$ will be $$300,000.-$ Negotiations led to the lessee guaranteeing a $$340,000$ residual value. $-$ Equal payments under the finance or sales type lease are $$200,000$ and are due on December $31$ of each year with the first payment being made on December $31,2024.-$ Karrier is aware that Ghosh used a $5\%$ interest rate when calculating lease payments. Note: Use tables, Excel, or a financial colculator. $($EV of $\backslash$$$1,$ PV of S$1.$ EVA of $\backslash$$$1.$ PVA of S$1.$ EVAD of S$1$ and PVAD of S$1)$ Required: $1.$ Prepare the appropriate entries for both Karrier and Ghosh on January $1,2024,$ to record the lease. $2.$ Prepare all appropriate entries for both Karrier and Ghosh on December $31,2024,$ related to the lease.