Cheese Ahead (Please do Part II of assignment!!!)

Frankie's Homemade Cheese Shop ("Frankie's") signed an advertising agreement with Simmons Boards ("Owner") for billboard advertising rights along Route 33 in the town of Hampton. Frankie's has the right to select and display advertising copy on billboard panels numbered 10 and 12 (panel numbers correspond to designated billboard locations) for a 3-year period from Jan. 1, 20X1, to Dec. 31, 20X3. In consideration for these rights, Frankie's agrees to pay $10,000 in year 1, $12,000 in year 2, and $13,000 in year 3. Assume that Frankie's is required to pay the annual fee on Jan. 1 of each contract year. Assuming Frankie's incremental borrowing rate is 5%, what are the entries Frankie should record at inception of the contract, then at the end of years 1, 2, and 3?

Below is what I have in response to the above.

However, there is a second part to this that I am having difficulty doing:

Making the Cheese

Refer to the previous case study.Now evaluate the entries that Simmons Boards should record at inception of the advertising agreement with Frankie's as well as at the end of each contract year?

Year Opening balance Payments Interest Expense Closing Balance 0 S $3,220 1 33,220 $ 10,000 | $ 1,161 $ 4,381 24,381 $ 12,000 | $ 19 $ 13,000 3 13,000 $ 13,000 $ 0 | $ 0 Date Account Or Cr Jan. 1, 20X1 Right-to-use Asset $ 33,220.00 Cash $ 10,000.00 ease Liability 23,220.00 Dec. 31, 20X] Advertisement Expense $ 10,000.00 Right-to-use Asset $ 10,000.00 Jan. 1, 20X2 Lease Liability $ 10,839.00 Interest Expense 1,161.00 Cash 12,000.00 Dec. 31, 20X2 Advertisement Expense $ 12,000.00 Right-to-use Asset $ 12,000.00 Jan. 1, 20X3 e Liability $ 12,381.00 Interest Expense S 619.00 Cash S 13,000.00 Dec. 31, 20X3 Advertisement Expense $ 13,000.00 Right-to-use Asset $ 13,000.00