On January 1, 2021, The Baldy Co. leased barber chairs from IGTHR LeaseCorp. IGTHR LeaseCorp purchased the chairs from Rogayn Corporation at a cost of $579,751. Below are other details that pertain the contract. - The lease term is five years - The first payment of $80,000 was made on January 1, 2021. - The remaining four payments will be made on December 31 2021; December 31, 2022; December 31; 2023; and December 31, 2024. - The estimated useful life of the equipment is ten years - IGTHR LeaseCorp routinely acquires barber chairs to lease to other firms. - The interest rate in this financing arrangements is 8%.

What is the value of the right-of-use asset that The Baldy Co. will record?

Provide the journal entry The Baldy Co. will record when it makes the third payment associated with the lease on December 31, 2022.

Provide IGTHRs depreciation expense journal entry that it will make on December 31, 2022.