On January 1, 2020, Cheesy Nachos Co. leased equipment. The terms of the lease are as follows: Lease term 9 years Lease payments, due each Jan 1 50,000 Economic life of leased asset 10 years Guaranteed residual value 6,000 Expected payout under the guaranteed residual 5,000 Implicit rate in the lease (readily determinable by lessee) 13% Lessee's incremental borrowing rate 15% Cheesy Nachos Co. uses straight-line depreciation for its property, plant, and equipment, and its year-end is December 31. REQUIRED. a) Record the journal entries for the leasee (Cheese Nacho Co.) on Jan 1, 2020 (Initial measurement) b) Record the journal entries fror the leasee on December 31, 2020 (Subsequent measurement) If an account is not applicable, type in 0. January 1, 2020 (note: you must record this as ONE journal entry) Indicate if: Amount ACCOUNT DEBIT or CREDIT (Do not use $, commas, + or - signs. (if not applicable, enter 0) if not applicable, enter 0)