Mining Company adopted the new lease standard (ASC 842) in 2018. When reviewing the companys accounts in 2019, the companys auditor discovered that a junior accountant had incorrectly recording an operating lease for a bulldozer under the old lease standard in 2018.

The junior accountant recorded the payment under the operating lease on January 1, 2018 as follows:

Lease Expense 15,000

Cash 15,000

The lease started on January 1, 2018, has a lease term of three years and an implicit rate of 6%. PV factor = 2.8334.

The books for 2018 are closed. Ignore any tax effects.

What are the journal entries the Mining company should record?