Culver Corporation leases equipment from Falls 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 Culver's journal entries on January 1, 2020, and December 31, 2020. Assume the annual lease payment is $33,000 at the beginning of each year, and Culver's incremental borrowing rate is 6%, which is the same as the lessor's implicit rate. (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 0 decimal places, e.g. 5,265. Record journal entries in the order presented in the problem.) Click here to view factor tables. Date Account Titles and Explanation Debit Credit 1/1/20 Right-of-Use Asset 88209 Lease Liability 88209 (To record lease liability) 1/1/20 Lease Liability 33000 Cash 33000 (To record lease payment) 12/31/20 4 Lease Expense 33000 Lease Liability 3313 Right-of-Use Asset 29687