Callin Company signed a lease on February 1, 2019, which qualifies as an operating lease. Callin agrees to make a payment of $40,000 on each February 1, for 3 years. The first payment was made on February 1, 2019. Which of the following describes part of the entry made by Callin on February 1, 2019? Group of answer choices

Debit Lease Expense for $40,000

Debit Right-of-Use asset for the PV of the lease payments

Debit Lease Liability for the PV of lease payments

Debit Rent Expense for $40,000

Debit Lease Expense for $120,000