Brief Exercise 21-4 Print by: Lisa Robilotto 19SP-FLC-ACC-202-U1: Intermediate Accounting II / Mod 9 Chap 21 HWK *Brief Exercise 214 Sheridan Corporation recorded a capital lease at $289,600 on January 1, 2017. The interest rate is 14%. Sheridan Corporation made the first lease payment of $54,762 on January 1, 2017, The lease requires 8 annual payments. The equipment has a useful life of 8 years with no salvage value. Assume that at December 31, 2017, Sheridan made an adjusting entry to accrue interest expense of $32,877 on the lease. Prepare Sheridan's January 1, 2018, journal entry to record the second lease payment of $54,762. (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 O for the amounts. Round answers to 0 decimal places, e.g. 5,125) Credit Debit DateAccount Titles and Explanation January 1, 2018 Question Attempts: 0 of 3 used 2000-2019 by John Wlay&Sons, Inc. or related companies Allrights reserved Copyrigh