LeBron Jamesitu.J) Corporation agrees on Janeary 1. 2020, to lease equipment from lvarhoe, Inc for 3 years. The lease calis for annual lease nayments of 518,000 at the beginning of each year. The tease does not transfer ownership, nor does it contain a burgain purchase option, and is not a speclalized asset. In addition, the uscful life of the equipmeat is 10 years, and the present value of the leave poyments is less than 90 . of the fair value of the cquipment. Prepare LB) is journal entries on Jahuary 1, 2020 (comntencement of the operating lease), and on December 31 , 2020 . Assume the implicit rate used by the lessor is unknown, and L8)'s incremental borrowing rite is 6 (Credit decount tities are automatically indeated when the amount is entered. Do not indent monuolly. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, e.g. 5,275. Record journal entries in the order ptesented in the problem.] Click here to vievatactor tables