Garden City Ino leased new office furniture for two years on January 1, 2019, with the following details: (Click the icon to view the lease details) Required a. Assume that Garden City Inc. elects to expense leases of low-value assets Prepare the journal entries for 2019 and January 1, 2020 b. Assume that Garden City Inc. does not elect to expense leases of low-value assets. Prepare the journal entries for 2019 and January 1 2020 Requirement a. Assume that Garden City Inc elects to expense leases of low-value assets. Prepare the journal entries for 2019 and January 1, 2020 Record the journal entry for Jar then credits. Explanations are not required) Lease details X . Now pits. Explanations are not required) Payments $2,600 per annum first due at the commencement date Interest rate implicit in the lease: 8%, however, lessee is not able to readily determine this Incremental borrowing rate 7% per annum Estimated useful life of equipment 8 years Other Title does not transfer. The leased item is not dependent upon or highly interrelated with other assets. Depreciation method Straight-line, Year-end: December 31