Metlock Company leasad equipment from Costner Company, beginning on December 31, 2016. The lease term is 5 years and requires equal rental payments of $76,741 at the beginning of each year of the lease, starting on the commencement date December 31, 2016). The equipment has a fair value at the commencement date of the lease of $320,000, an estimated useful life of 5 years, and no estimated residual value. The appropriate interest rate is 10% Prepare Metlock's 2016 and 2017 journal entries, assuming Metlock depreciates similar equipment it owns on a straight-line basis. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, og. 5,275.) Date Account Titles and Explanation Debit Credit 2/31/16 To record lease liability) 12/31/16 To record lease payment) To record interest expense) 2/31/17 To record amortization of the right-cf-use assat)