11 Part 2 of 4 10 points Required information [The following information applies to the questions displayed below] On January 1, Rogers (lessee) signs a three-year lease for machinery that is accounted for as a finance lease. The lease requires three $18,000 lease payments (the first at the beginning of the lease and the remaining two at December 31 of Year 1 and Year 2). The present value of the three annual lease payments is $51,000, using a 6.003% interest rate. The lease payment schedule follows. eBook Print Date (8) Debit Interest on Lease Liability (C) Debit Lease (0) Credit Cash Lease Payment (A) Beginning Balance of Lease Liability Liability (D) 6.003% x (A) + (B) January 1, Year 1 December 31, Year 1 $51,000 50 33,000 3,981 December 31, Year 2 16,981 1,019 16,019 16,981 18,000 18,000 $ 3,000 $ $1,000 $ 54,000 $18,000 $18,000 (E) Ending Balance of Lease Liability (4) - (C) $ 33,000 16,981 Beferences 2. Prepare the January 1 journal entry to record the first $18,000 cash lease payment. View transaction list View journal entry worksheet No Date 1 Year 1 January 01 Lease liability General Journal Debit Credit