1 Laura Leasing Corsom an agreement on January 1, 2020. to lease equipment to Sheridan Company. The following information relates to this greement The term of the non-cancelable lease is 3 years with no renewal option. The culment has an estimated economic life of 5 2 The tale value of the set at January 1, 2020, 1573.000 These will to the lower at the end of the lease term, at which time the asset is expected to have a residual value of $10,000 which is need 1 The greement requires equaluarental payments of $22.213.4 to the lessor beginning on January 1, 2020 The bee's incremental borrowing rate x The lessor's implicitatek 4% and is unknown to the lesse Sheridan uses the straight-line depreciation method for all equipment 6 Click here to view factor tables Prepare all of the journal entries for the love for 2020 to record the case agreement, the lease payments, and all expenses related to this lease usume theses anual accounting period on December 31. For calculation purposes, se decimal procesos displayed in the factor table provided and round anwento 2 decimaleses 5.26525 Credit account tore automatically indented when the amount is entired. Do not indently Recordjournies in the order presented in the problem.) Credit displayed in the factor table provided and round answers to when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Right-of-Use Asset 63517:33 1/1/20 6351733 Lease Llability (To record the lease) Les Liability 2221344 1/1/20 2221344 Cash 2299 (To record lease liability) Interest Expense 12/31/20 22417 Lease Liability