Current Attempt in Progress Sandhill Corporation manufactures specialty construction equipment at a cost of $160,000 each. The equipment has an estimated economic life of 8 years. Sandhill uses the straight-line method of depreciation and the company's year-end is December 31. Bringham Corporation signs a 5-year lease starting January 1, 2019 with annual payments of $33,000 due January 1 of each year. The lease has an unguaranteed residual value of $23.000 and the lessor's implied interest rate is 9%. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Prepare the journal entries on the books of Sandhill Corporation on January 1, 2019 and on December 31, 2019 assuming the company follows ASPE. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan 1, 2019 Cash 33000 Rent Revenue 330C Dec. 31, 2019 Depreciation Expense Accumulated Depreciation - Equipment