Flint Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $45,000 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 7\%; Flint's incremental borrowing rate is 9%. Flint is unaware of the rate being used by the lessor. At the end of the lease, Flint 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 life of 7 years, with no salvage value. Flint uses the straight-line method of depreciation on similar owned equipment. 1 amount is entered. Uo not indent manually. If no entry is required, select "No tntry" for the account titles and enter U for the amounts.) - Your answer is partially correct. Prepare the journal entries, that Flint should record on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places e.g. 58,971.) Date Account Titles and Explanation December 31, 2022 Debit Right-of-Use Asset Lease Llabillty (To record annual amortization on leased assets.) Interest Expense Lease Llabillty Cash (To record annual payment on lease liability.) eTextbook and Media List of Accounts Sove for Later Attempts: 1 of 5 used Submit Answer (d) - Your answer is partially correct. What amounts would appear on Flint's December 31, 2022, balance sheet relative to the lease arrangement? (Round answers to 0 decimal places, eg. 58,971.) FLINT STEEL COMPANY Balance Sheet December 31, 2022 Assets