Cheyenne Corporation leases equipment from Falks Company on January 1,2020. The lease agreement does not transfer ownership. contain a bargain purchase option, and is not a specialized asset. It covers 3 years of the equipment's 8 -year useful life, and the present value of the lease payments is less than 90% of the fair value of the asset leased. Prepare Cheyenne's journal entries on January 1.2020, and December 31,2020 . Assume the annual lease payment is $44,000 at the beginning of each year, and Cheyenne's incremental borrowing rate is 6%, which is the same as the lessor's implicit rate. (Cred it account titles are outomatically indented when the amount is entered. Do not indent manuolly. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, e,s, 5,265. Record journal entries in the order presented in the problem.) Click here to view factor tablos