--/1 Question 19 View Policies Current Attempt in Progress Marin Corporation enters into a 6-year lease of equipment on December 31, 2019, which requires 6 annual payments of $40,100 each, beginning December 31, 2019. In addition, Marin guarantees the lessor a residual value of $20,300 at the end of the lease. However, Marin believes it is probable that the expected residual value at the end of the lease term will be $10,150. The equipment has a useful life of 6 years. Prepare Marins' December 31, 2019, journal entries assuming the implicit rate of the lease is 11% and this is known to Marin. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places e.g. 5,275.) Click here to view factor tables. Date Account Titles and Explanation December 31, 2019 Debit Credit (To record the lease liability) December 31, 2019 (To record lease payment)