Interest Expense (623,000-151860x.06) this calculation is incorrect! 28268 please explain!

lease liability 28268

On January 1, 2020, Ivanhoe Company contracts to lease equipment for 5 years, agreeing to make a payment of $151,860 at the beginning of each year, starting January 1, 2020. The leased equipment is to be capitalized at $623,000. The asset is to be amortized on a double-declining-balance basis, and the obligation is to be reduced on an effective-interest basis. Ivanhoe's incremental borrowing rate is 6%, and the implicit rate in the lease is unresolved%, which is known by Ivanhoe. Title to the equipment transfers to Ivanhoe at the end of the lease. The asset has an estimated useful life of 5 years and no residual value. Click here to view factor tables. Prepare the journal entries to record amortization of the leased asset and interest expense for the year 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 O for the amounts. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit December 31, 2020 Amortization Expense 249200 Right-of-Use Asset 249200 (To record amortization of the leased asset.) December 31, 2020 Interest Expense 28268 Lease Liability 28268 On January 1, 2020, Ivanhoe Company contracts to lease equipment for 5 years, agreeing to make a payment of $151,860 at the beginning of each year, starting January 1, 2020. The leased equipment is to be capitalized at $623,000. The asset is to be amortized on a double-declining-balance basis, and the obligation is to be reduced on an effective-interest basis. Ivanhoe's incremental borrowing rate is 6%, and the implicit rate in the lease is unresolved%, which is known by Ivanhoe. Title to the equipment transfers to Ivanhoe at the end of the lease. The asset has an estimated useful life of 5 years and no residual value. Click here to view factor tables. Prepare the journal entries to record amortization of the leased asset and interest expense for the year 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 O for the amounts. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit December 31, 2020 Amortization Expense 249200 Right-of-Use Asset 249200 (To record amortization of the leased asset.) December 31, 2020 Interest Expense 28268 Lease Liability 28268