On Jan. 1, 2020, Firm A leased equipment with a list price of $180,000, a lease life of 4 years, an asset life of 4 years, a salvage value of $0, and a contract interest rate of 8%. On Dec. 31, 2020, if the annual lease payment is $69,846, the interest expense is $14,400, and the reduction of lease liability is $55,446, what is the journal entry for this annual lease payment? Select one: O a. Interest Expense Lease Liability Cash 69,846 55,446 14,440 o b. Interest Expense Lease Liability Cash 14,440 55,446 69,846 0 C. Interest Expense 69,846 Cash 69,846 O d. Interest Expense Lease Liability Cash 55,446 14,400 69,846