On December 31, 2019, Tamarisk Corporation signed a 6-year, non-cancelable lease for a machine. The terms of the lease called for Tamarisk to make annual payments of $12,017 at the beginning of each year, starting December 31, 2019. The machine has an estimated useful life of 8 years and a $6,100 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Tamarisk uses the straight-line method of depreciation for all of its plant assets. Tamarisks incremental borrowing rate is 7%, and the lessors implicit rate is unknown.

Prepare all necessary journal entries for Tamarisk for this lease through December 31, 2020

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date 12/31/1912/31/20	enter an account title to record the lease	enter a debit amount	enter a credit amount
	enter an account title to record the lease	enter a debit amount	enter a credit amount
	(To record the lease)
choose a transaction date 12/31/1912/31/20	enter an account title to record first lease payment	enter a debit amount	enter a credit amount
	enter an account title to record first lease payment	enter a debit amount	enter a credit amount
	(To record first lease payment)
choose a transaction date 12/31/1912/31/20	enter an account title to record amortization of the right-of-use asset	enter a debit amount	enter a credit amount
	enter an account title to record amortization of the right-of-use asset	enter a debit amount	enter a credit amount
	(To record amortization of the right-of-use asset)
choose a transaction date 12/31/1912/31/20	enter an account title to record second lease payment	enter a debit amount	enter a credit amount
	enter an account title to record second lease payment	enter a debit amount	enter a credit amount
	enter an account title to record second lease payment	enter a debit amount	enter a credit amount
	(To record second lease payment)