On January 1, 2020, Pina Construction Company contracts to lease equipment for 4 years, agreeing to make a payment of $103,730 at the beginning of each year, starting January 1, 2020. The leased equipment is to be capitalized at $381,000. The asset is to be amortized on a double-declining-balance basis, and the obligation is to be reduced on an effective-interest basis. Pina's incremental borrowing rate is 6%, and the implicit rate in the lease is 6%, which is known by Pina. Title to the equipment transfers to Pina at the end of the lease. The asset has an estimated useful life of 4 years and no residual value. Click here to view factor tables. (b) Your answer is correct. Prepare the journal entries that Pina should record on January 1, 2020. (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 o for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Right-of-Use Asset 381,000 Lease Liability 381,000 To record the lease.) Lease Liability 103,730 Cash 103,730 To record lease payment.) e Textbook and Media List of Accounts Assistance Used Attempts: 1 of 2 used Prepare the journal entries to record amortization of the leased asset and interest expense for the year 2020. (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 o for the amounts. Round answers to O decimal places, e.g. 5,275.) count Titles and Explanation Debit Credit Amortization Expense 15240000 Right-of-Use Asset 15240000 o record amortization of the leased asset.) Interest Expense Lease Liability Teytbook and Media Accictancallced