14. LBJ Corp. agrees on January 1, 2020, to lease equipment from Cal-Auto Inc. for four years. The lease calls for annual lease of $24,000 at the beginning of each year. The lease does not transfer ownership, not does it contain a bargaining purchase option, and is not a specialized asset. In addition, the useful life of the equipment is 10 years and the present value ($88,152) of the lease payment is less than 90% of the fair value of the equipment. LBJ's effective interest rate for the lease liability is 6%. What journal entry would LBJ Corp. make at December 31, 2020 to record lease expense? (Hint: compute interest component of lease expense = Lease liability balance as of January 1, 2020 * effective interest rate. Then LBJ has to amortize the right-of-use asset in a manner that results in equal amounts of lease expense in each period.)