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15 On January 1, 2018, Rick's Pawn Shop leased a truck from Chumley Motors for a six-year period with an option to extend the lease

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15 On January 1, 2018, Rick's Pawn Shop leased a truck from Chumley Motors for a six-year period with an option to extend the lease for three years. Rick's had no significant economic incentive as of the beginning of the lease to exercise the 3-year extension option. Annual lease payments are S 19,000 due on December 31 of each year, calculated by the lessor using a 5% nterest rate. The agreement is considered an operating lease. (FV of S1. PV of S1. EVA of $1 PVAotS1. EVAD of S1 and PVAD of S) (Use appropriate factor(s) from the tables provided.) 10 points Required: 1. Prepare Ricks journal entry to record for the right-of use asset and lease liabilty at January 1, 2018. eBook Print References 2. Prepare the journal entries to record interest and amortization at December 31, 2018. Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare Rick's journal entry to record for the right-of-use asset and lease liability at January 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dolar amount.) View transaction list Journal entry worksheet Record the beginning of the lease for Rick's

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