Could you solve the following problem in detailed with calculations?

Current Attempt in Progress Your answer is partially correct. Marin Corporation recorded a right-of-use asset for $214,400 as a result of a finance lease on December 31, 2019. Marin's incremental borrowing rate is 11%, and the implicit rate of the lessor was not known at the commencement of the lease. Marin made the first lease payment of $37,534 on on December 31,2019 . The lease requires 8 annual payments. The equipment has a useful life of 8 years with no residual value. Prepare Marin's December 31, 2020, entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 5,275.)