Cheyenne Corporation agrees on January 1, 2017, to lease equipment from Alpha, Inc. for 4 years. The lease calls for annual lease payments of $22,000 at the beginning of each year. The lease does not transfer ownership contain a bargain purchase option, and is not a specialized set. In addition, the useful life of the equipment is 12 years, and the present value of the lease payments is less than 90% of the fair value of the equipment Prepare Cheyenne's journal entries on January 1, 2017 (commencement of the operating lease), and on December 31, 2017. Assume the implicit rate used by the lessor is unknown, and Cheyenne's incremental borrowing rate is 6%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to o decimal places, 6.9. 5,275.) Click here to view the factor table Date Account Titles and Explanation Debit Credit 1/1/17 Right-of-Use Asset Lease Liability (To record lease liability) 1/1/17 Lease Liability Cash (To record lease payment) 12/31/17 Lease Expense Lease Uability Right-of-Use Asset