K A lease agreement for capital equipment requires Raxco Transport Ltd. to make 20 annual payments of $30,000, with the first payment due on January 2, 2020, the date of the inception of the lease Required Requirement 1. Journalize the beginning of lease tem and first annual payment (List debits first, then credits. Explanations are not required.) Journal Entry Date Accounts 2020 Jan 2 Lease Liability Debit Credit