Channel Leased Equipment to Montage Company on November I,2010 Montage Uses Straight-Line Depreciation for Its Property,plant,and Equipment

Channel leased equipment to Montage Company on November I,2010. The terms of the lease are as follows:
$$\begin{array} { | l | l | } \hline \text { Lease term } & 12 \text { years } \\\hline \text { Economic life of leased asset } & 13 \text { year } \\\hline \text { Fair value of leased asset } & 105,000 \\\hline \text { Guaranteed residual value } & 10,000 \\\hline \text { Lease payments, due at the end of the year, } & \\\text { starting Nov 1,2011 } & 11,000 \\\hline \text { Lessee's incremental borrowing rate } & 5 \% \\\hline\end{array}$$ Montage uses straight-line depreciation for its property,plant,and equipment.
Requirements:
Prepare the journal entries for the lease from November 1 through December 31,2010.