(8 points) Fountain Corporation recorded a right-of-use asset for $60,000 as a result of a finance lease on December 31, 2019. Fountain's Incremental borrowing rate is 7%, and the Implicit rate of the lessor was not known at the commencement of the lease. Fountain made the first lease payment of $7,059.92 on on December 31, 2019. The lease requires 12 annual payments. The equipment has a useful life of 12 years with no residual value. Prepare Fountain's December 31, 2020 and December 31, 2021, entries. (hint: lease payment and amortization) Lease Payment Entry-12/31/20 Accounts Interest expense Lease liability cash ROU Asset Amortization Entry-12/31/20 Accounts Amortization expense Right-of-use-asset Debit Credit 3705.8056 3354.1144 7059.92 Debit Credit 5000 5000 Lease Payment Entry - 12/31/21 Accounts Debit Credit Interest expense Lease liability cash ROU Asset Amortization Entry-12/31/21 Accounts Amortization expense Right-of-use-asset Debit Credit