December Right-of-Use Asset Lease Liability (To record leased asset and related liability.) (To record the first rental payment.) Crane Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31,2020 . Annual rental payments of \\( \\$ 50,025 \\) are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is \3; Crane's incremental borrowing rate is \5. Crane is unaware of the rate being used by the lessor. At the end of the lease, Crane has the option to buy the equipment for \\( \\$ 5,000 \\), considerably below its estimated fair value at that time. The equipment has an estimated useful tife of 7 years, with no salvage value. Crane uses the straight-line method of depreciation on similar owned equipment. Prepare the journal entries, that Crane should record on December 31,2021. (Credit account titles are automatically indented when amount is entered. Do not indent manualiy. If no entry is required, select \"No Entry' for the account titles and enter Ofor the amounts)