Chapter 8 Problems 14 On January 1, Falk Company signed a contract to lease space in a building for three years. The current value of the three lease payments is $292.243. points Required: Prepare entries for Falk to record December 31 of the first year. the lease asset and obligation at January 1, and (the $97414 straight line amortization at View transaction list Journal entry worksheet Record lease asset and obligation Note: Enter debits before credits Date General Journal D ebit Credit Record entry Clear entry View general journal