Ayayal Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $53.000 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 79: Ayayal's incremental borrowing rate is 9% Ayayai is unaware of the rate being used by the lessor. At the end of the lease. Ayayai has the option to buy the equipment for $5.000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Ayayal uses the straight-line method of depreciation on similar owned equipment Click here to view factor tables Prepare the journal entries, that Ayayai should record on December 31, 2021. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit December 31, 2021 Depreciation Expense 32102 Accumulated Depreciation Capital 32 (To record amortization) 37547 15.05 31000