LeBron James (LB)) Corporation agrees on January 1, 2020, to lease equipment from Pharoah, Inc, for 3 years. The lease calls for annual lease payments of $24,000 at the beginning of each year. The lease does not transfer ownership, nor does it contain a bargain purchase pption, and is not a specialized asset. In addition, the usefullife of the equipment is 10 years, and the present value of the lease payments is less than 90% of the fair value of the equipment. Prepare LB/'s journal entries on January 1,2020 (commencement of the operating lease), and on December 31, 2020. Assume the implicit rate used by the lessor is unknown, and LBJ's incremental borrowing rate is 5%. (Credit occount titles are outomatically indented when the amount is entered. Do not indent manually. For colculation purposes, use 5 decimal places as displayed in the foctor table provided and round final answers to O decimal places, es. 5,275. Record journal entries in the order presented in the problem) Click here to view factor tables, (To record lease liability) Lease Lisbility 24000 Cash (To record lease payment) 12/31/20 Lease Expense 24000 Leme tabality Rightiof-Use Asset