\fV Your answer is correct. {b} Prepare the journal entry to record the transaction on January 1. 2020, on the books of Cheyenne (the lessee]. {Creditaccount 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 0 for the amounts. Round present value factor calculations to 5 decimal places, ea. 1.25 124 and the nal answer to 0 decimal places as. 58, 971.) Account Titles and Explanation Debit Credit l Right-of-Use Asset l l 2744999 l l Lease Liability l l l 2744999 {c} Prepare the journal entry to record the transaction on January 1. 2020, on the books of Ayayai {the lessor). (Creditaccounttitles 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 0 for the amounts. Round answers to 0 decimal places e3. 58, 971.) Account Titles and Explanation Debit Credit l Lease Receivable l l 2744999 l l Cost of Goods Sold l l 2352000 l ' Sales Revenue ' l ' 2744999 l Inventory l l l 2352000 \f\fPrepare the journal entries for both the lessee and lessor to record any entries needed in connection with the lease at December 3 1, 2020. {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 0 for the amounts.) Account Titles and Explanation Debit Credit Lessee (December 31, 2020) I Interest Expense I 213426 Interest Revenue 211733 {To record interest} {To record amortization] Lessor (December 31, 2020) Debit Credit Interest Receivable 2 11733 I Interest Revenue I I 213426 eTextbook and Media List of Accounts Save for Later Attempts: 4 of 15 used