On January 1, 2020, Cheyenne Animation sold a truck to Peete Finance for $49,000 and immediately leased it back. The truck was carried on Cheyenne's books at $45,000. The term of the lease is 5 years, there is no bargain purchase option, and title does not transfer to Cheyenne at lease-end. The lease requires 5 equal rental payments of $11,007 at the end of each year (first payment on January 1, 2021). The appropriate rate of interest is 4%, the truck has a useful life of 5 years, with no expected residual value at the end of the lease term. Prepare Cheyenne's 2020 journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Click here to view factor tables. Date Account Titles and Explanation 1/1/20 Right-of-Use Asset Lease Liability 12/31/20 Lease Expense Right-of-Use Asset Debit 49001 11007 Credit 49001 11007