Exercise 15-23 (Algo) Lessee; renewal options (LO15-2, 15-6] On January 1, 2021, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. Rick's had no significant economic incentive as of the beginning of the lease to exercise the 3-year extension option. Annual lease payments are $11,000 due on December 31 of each year, calculated by the lessor using a 5% interest rate. The agreement is considered an operating lease. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare Rick's journal entry to record for the right-of-use asset and lease liability at January 1, 2021. 2. Prepare the journal entries to record interest and amortization at December 31, 2021. x Answer is not complete. Required 1 Required 2 Prepare Rick's journal entry to record for the right-of-use asset and lease liability at January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to the nearest whole dollar amount.) No Date General Journal Debit Credit 1 29,956 X January 01, 2021 Right-of-use asset Lease payable 00 2,956 Required 1 Required 2 Prepare the journal entries to record interest and amortization at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.) No General Journal Debit Credit 1 Date December 31, 202. Right-of-use asset Lease payable X 29,956 11,000 X 2. December 31, 202 Lease receivable >