On January 1, 2020, Swifty Company contracts to lease equipment for 5 years, agreeing to make a payment of $144,055 at the beginning of each year, starting January 1, 2020. The leased equipment is to be capitalized at $632,000. The asset is to be amortized on a double-declining-balance basis, and the obligation is to be reduced on an effective interest basis. Swifty's incremental borrowing rate is 6%, and the implicit rate in the lease is unresolved%, which is known by Swifty. Title to the equipment transfers to Swifty at the end of the lease. The asset has an estimated useful life of 5 years and no residual value. 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 for the amounts. Round answers to decimal places, eg. 5,275.) Account Titles and Explanation Debit Credit Date December 31, 2020 Amortization Expense 252800 252800 Right-of-Use Asset (To record amortization of the leased asset.) December 31, 2020 Interest Expense Lease Liability What amounts will appear on the lessee's December 31, 2020, balance sheet relative to the lease contract? SWIFTY COMPANY Balance Sheet (Partial) December 31, 2020 Assets Noncurrent Assets Right-of-Use Asset $ $ Liabilities Current Liabilities Lease Liability $ $ Noncurrent Liabilities Lease Liability $ $