Assuming that this is classified as an operating lease, create an amortization table for the right-of-use asset. Amortization of Right-of-Use Asset Amortizatio Lease Expense n of Right- Interest of-Use Asset 12/31/2019 12/31/2020 NER 12/31/2021 12/31/2022 12/31/2023 Total Answer: Amortization of Right-of-Use Asset Lease Expense Amortizatio n of Right- Interest of-Use Asset 12/31/2019 12,400 2,371 10,029 12/31/2020 12,400 1,837 10,563 12/31/2021 12,400 1,266 11,134 12/31/2022 12,400 654 11,746 12/31/2023 12,400 0 12,400 Total 62,000 6,128 55,872 Diff: 2 Var: 1 Objective: 18.4 IFRS/GAAP: GAAP AACSB: Application of knowledge 22) Prepare the journal entry required on December 31, 2019. Assume this is an operating lease. Answer: