Concord Corporation enters into a 6-year lease of equipment on December 31, 2016, which requires 6 annual payments of $37,100 each, beginning December 31, 2016. In addition, Concord guarantees the lessor a residual value of $20,900 at the end of the lease. However, Concord believes it is probable that the expected residual value at the end of the lease term will be $10,900. The equipment has a useful life of 6 years.

Prepare Concords' December 31, 2016, journal entries assuming the implicit rate of the lease is 10% and this is known to Concord. (Credit account titles are automatically indented when 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 0 decimal places e.g. 5,275.)

Date	Account Titles and Explanation	Debit	Credit
December 31, 2016	Right-of-Use Asset
	Lease Liability
	(To record the lease liability)
December 31, 2016	Lease Liability	37,100
	Cash		37,100
	(To record lease payment)

I need help on finding both the credit and debit of Right-of-Use Asset and Lease Liability please. Please show work as well, Thank you! Be safe out there!