Exercise 21A-17 a-c (Part Level Submission) On January 1, 2017, Tamarisk Co. leased a building to Carla Vista Inc. The relevant information related to the lease is as follows. 1. The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $2,700,000 (unguaranteed) 2. The leased building has a cost of $3,200,000 and was purchased for cash on January 1, 2017. 3. The building is depreciated on a straight-line basis. Its estimated economic life is 50 years with no salvage value. 4. Lease payments are $260,000 per year and are made at the beginning of the year. 5, Carla Vista has an incremental borrowing rate of 8%, and the rate implicit in the lease is unknown to Carla Vista 6. Both the lessor and the lessee are on a calendar-year basis. Your answer is partially correct. Try again. Prepare the journal entries that Carla Vista should make in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit 1/1/17 Right-of-Use Asset 1884191 Lease Liability 1884191 (To record the lease) 1/1/17 Lease Liability 260000 Cash 260000 (To record lease liability) 12/31/17 Right-of-Use Asset