On January 1, 2018, Winn Heat Transfer leased office space under a three year operating lease agreement. The arrangement specified three annual rent payments of $60,000 each, beginning December 31, 2018, and at each December 31 through 2020. The lessor, HVAC Leasing calculates lease payments based on an annual interest rate of 8%. Winn also paid a $120,000 advance payment at the beginning of the lease in addition to the first $60,000 rent payment. With permission of the owner, Winn made structural modifications to the building before occupying the space at a cost of $180,000. The useful life of the building and the structural modifications were estimated to be 30 years with no residual value. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required Prepare the appropriate entries for Winn Heat Transfer from the beginning of the lease through the end of 2020. Winn's fiscal year is the calendar year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollars.) Answer is complete but not entirely correct Date General Journal Debit Credit January 01, 2018 Right-of-use asset Lease payable 274,626 274,626 January 01, 2018Lease payable 120,000 Cash 120,000 12,370 47,630 December 31, 2018Interest expense Lease payable Cash 60,000 4 December 31, 2018 Amortization expense 01 60,000 Right-of-use asset 60,000 December 31, 2018Depreciation expense 60,000 Accumulated depreciation 60,000 8,560 51,440 December 31, 2019 Interest expense Lease payable Cash 60,000 December 31, 2019 Amortization expense 01 60,000 Right-of-use asset 60,000 December 31, 2019 Depreciation expense 60,000 Accumulated depreciation 60,000 December 31, 2020 Interest expense 55,556 Lease payable 6,664 Cash 60,000 10 December 31, 2020 Amortization expense 60,000 Right-of-use asset 60,000 December 31, 2020 Depreciation expense 60,000 Accumulated depreciation 60,000