On July 1,2010,Jupiter Company Leased Equipment to Planet Company Planet Uses Straight-Line Depreciation for Its Property,plant,and Equipment,and Its Year

On July 1,2010,Jupiter Company leased equipment to Planet Company. The terms of the lease are as follows:
$\begin{array}{|l|l|}\hline \text { Fair value of leased asset } & 70,000 \\\hline \text { Lease payments, due each Jul } 1 & 12,000 \\\hline \text { Lease term } & 9 \text { years } \\\hline \text { Economic life of leased asset } & 10 \text { years } \\\hline \text { Guaranteed residual value } & 6,000 \\\hline \text { Lessee's incremental borrowing rate } & 15 \%\\\hline\end{array}$ Planet uses straight-line depreciation for its property,plant,and equipment,and its year -end is December 31.
Requirement:
Prepare the journal entries for the lease from July 1 through December 31,2010.