TB Problem $15-200($Static$)$ Amelia Company leased a warehouse from...

Amelia Company leased a warehouse from Island Industries on July $1,2024,$ in a finance lease. The present value of the lease payments discounted at $10\%$ was $$162,217.$ Ten annual lease payments of $$24,000$ are due each July $1,$ beginning July $1,2024.$ Island had constructed the building recently for $$132,000$ and its retail fair value was $$162,217.$

Required:

Assuming that control of the warehouse building is transferred to Amelia Company at the beginning of the lease. Prepare the two journal entries to record the lease by Island on July $1,2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Answer is not complete.

$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit,$],[1,$July $01,2024,$Lease receivable,,$162,217,],[,,$Cost of goods sold,,,$30,217$