Laura Leasing Comparw signs an agreement on January 1,2020, to lease equipment to Shetfeld Compary. The following information relates to this agrecment. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at lanuary 1,2020 , is $77,000 3. The asset will revert to the lessor at the end of the lease term at which time the asset is expected to have a residual value of $9.000, none of which is guaranteed. 4. The agreement requiresequal annual rental piyments of $23,907,43 to the lessor, beginning on January 1,2020 . 5. The lessee's incremental borrowing rate is 5%. The lessor's implicit rate is 4% and is unknown to the lessee 6. Sheffield uses the straight-line depreciation method for all equipment. Prepare all of the journal entries for the lessee for 2020 to record the lease agreement, the lease pwiments, and ali expenses related to this lease. Assume the tessee's annual accounting period ends on December 31. For colculation purposes use 5 decimal placer as displayed in the foctor table provided and round answers to 2 decimal places, e.g. 5,265.25. Credit account titles are automotically Inderited When the amount is entered. Do not indent manualil. Record journal entries in the crder presented in the