Chapter 8 Problems Saved Help Save & E Che 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 $601,200. 1.86 points Required: Prepare entries for Falk to record (a) the lease asset and obligation at January 1, and (b) the $200,400 straight-line amortization at December 31 of the first year. eBook View transaction list Print References Journal entry worksheet