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Required information ABC Corp. leased equipment from XYZ Corp. on January 1, 2021, with the first payment due on that date. The equipment was acquired by XYZ at a cost of $110,000 and has a $0 residual value. Depreciation is recorded at the end of each fiscal year (December 31) on a straight-line basis. Additional details: Semiannual lease payment: $22,500 at the beginning of each period (January 1 and July 1) Lease term: 3 years (6 semiannual periods) Useful life of asset 3 years Fair value of asset: $122,666 Annual interest rate: 8% Present value of tease payments: $122,666 Use the information above to answer the questions below. The Journal entry recorded by ABC Corp. ot inception of the lease will include o: Click to select) debit to Lease Receivable for $122,666 credit to Lease Payable for $122,066 credit to Lease Payable for $110,000 debit to Lease Receivable for $110,000 Required information ABC Corp. leased equipment from XYZ Corp. on January 1, 2021, with the first payment due on that date. The equipment was acquired by XYZ at a cost of $110,000 and has a $0 residual value. Depreciation is recorded at the end of each fiscal year (December 31) on a straight-line basis. Additional details: $22,500 at the beginning of each period Semiannual lease payment: (January 1 and July 1) Lease term: 3 years (6 semiannual periods) Useful life of asset 3 years Fair value of asset: $122,666 Annual interest rate: 8% Present value of lease payments: $122,666 Use the information above to answer the questions below. How much of the second payment (occurring on July 1, 2021) represents interest? How much of the second payment represents interest?: Required information ABC Corp.leased equipment from XYZ Corp. on January 1, 2021, with the first payment due on that date. The equipment was acquired by XYZ at a cost of $110,000 and has a $0 residual value. Depreciation is recorded at the end of each fiscal year (December 31) on a straight-line basis. Additional details: Semiannual lease payment: Lease term: Useful life of asset: Fair value of asset: Annual interest rate: Present value of lease payments: $22,500 at the beginning of each period (January 1 and July 1) 3 years (6 semiannual periods) 3 years $122,666 8% $122,666 Use the information above to answer the questions below. What is the balance of the right-of-use asset as of December 31, 2021? Balance of right-of-use asset as of Dec 31, 2021