On January 1, 2017, Blossom Company contracts to lease equipment for 5 years, agreeing to make a payment of $109,913 at the beginning of each year, starting January 1, 2017. The leased equipment is to be capitalized at $466,000. The asset is to be amortized on a double-declining-balance basis, and the obligation is to be reduced on an effective-interest basis. Blossoms incremental borrowing rate is 6%, and the implicit rate in the lease is 9%, which is known by Blossom. Title to the equipment transfers to Blossom at the end of the lease. The asset has an estimated useful life of 5 years and no residual value.

Prepare the journal entries to record amortization of the leased asset and interest expense for the year 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit December 31, 2017 Amortization Expense Right-of-Use Asset (To record amortization of the leased asset.) December 31, 2017 Interest Expense Lease Liability