On January 1, 2010, James Company leased a machine for 10 years that could have been purchased for $100,000. The lessor used an implicit interest rate of 10 percent in determining the lease payments of $14,795, the first of which was made when the lease was signed. If James is aware of the lessor's implicit interest rate, what entry should James record as an asset on its books on January 1, 2010?