On January 1, 2020, a machine was purchased for $1,080,000 by Shamrock Co. The machine is expected to have an 8-year life with no salvage value. It is to be depreciated on a straight-line basis. The machine was leased to Pharoah Inc. for 3 years on January 1. 2020, with annual rent payments of $275,000 due at the beginning of each year, starting January 1, 2020. The machine is expected to have a residual value at the end of the lease term of $562,500, though this amount is unguaranteed. (c) Suppose the lease was only for one year (only one payment of the same amount at commencement of the lease), with a renewal option at market rates at the end of the lease, and Pharoah elects to use the short-term lease exception Record the journal entry Pharoah would record for 2020 on this lease. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit Date Account Tities and Explanation 1/1/20