Help Sau On January 1, 2020 Ocean City Maryland leased equipment for five years and made the initial annual payment of $40,000 Immediately. The present value of these five payments based on an 10 percent interes rate is assumed to be $121,000 The equipment has an expected useful life of five years. Which is an entry that would be recorded in the fund financial statements? Multiple Choke Right of Use Asset- Equipment 121,000 Lease Payable Cash 81,000 40.000 Right of Use Asset-Equipment 200,000 Lease Payable Cash Expenditures Lease contract 121,000 Cash 160,000 40,000 121,000 Expenditures Lease contract 121,000 Other Financing Source 121,000