On January 1, 2020, Sarasota Animation sold a truck to Peete Finance for $ 48,000 and immediately leased it back. The truck was carried on Sarasotas books at $ 44,000. The term of the lease is 5 years, there is no bargain purchase option, and title does not transfer to Sarasota at lease-end. The lease requires 5 equal rental payments of $ 11,395 at the end of each year (first payment on January 1, 2021). The appropriate rate of interest is 6%, the truck has a useful life of 5 years, with no expected residual value at the end of the lease term. Prepare Sarasotas 2020 journal entries.

Date	Account Titles and Explanation	Debit	Credit
1/1/2012/31/20	enter an account title for the journal entry on January 1 2020	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on January 1 2020	enter a debit amount	enter a credit amount
1/1/2012/31/20	enter an account title for the journal entry on December 31 2020	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31 2020	enter a debit amount	enter a credit amount