On January 1, 2020, Wildhorse Company contracts to lease equipment for 5 years, agreeing to make a payment of $151,860 at the beginning of eachyear, starting January 1,2020. Theleased equipment is to be capitalized at $623,000. The asset is to be amortized on a double-declining-balance basis, and the obligation is to be reduced on an effective-interest basis. Wildhorse's incremental borrowing rate is 6%, and the implicit rate in the lease is 11%, which is known by Wildhorse. Title to the equipment transfers to Wildhorse at the end of the lease. The asset has an estimated useful life of 5 years and no residual value. Click here to view factor tables. (b) Prepare the journal entries that Wildhorse 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 occount titles and enter 0 for the amounts. Round present value factor calculations to 5 decimal ploces, es 1.25124 and the final answers to 0 decimal ploces, eg. 5.275) Prepare the journal entries to record amortization of the leased asset and interest expense for the year 2020 . (Credit account tites are automatically indented when amount is entered. Do not indent manuolly. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. Round answers to 0 decimal places, eg. 5,275.)