On January 1, 2021, Winn Heat Transfer leased office space under a three-year operating lease agreement. The arrangement specified three annual lease payments of $78,000 each, beginning December 31, 2021, and at each December 31 through 2023. The lessor, HVAC Leasing calculates lease payments based on an annual interest rate of 5%. Winn also paid a $225,000 advance payment at the beginning of the lease. With permission of the owner, Winn made structural modifications to the building before occupying the space at a cost of $303,000. The useful life of the building and the structural modifications were estimated to be 30 years with no residual value. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Prepare the appropriate entries for Winn Heat Transfer from the beginning of the lease through the end of 2023. Winn's fiscal year is the calendar year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollars.) No Date General Journal Debit Credit 1 562,111 January 01, 2021 Right-of-use asset Lease payable 562,111 2 225,000 January 01, 2021 Lease payable Cash 225,000 3 10,621 December 31, 2021 Interest expense Lease payable Cash > > 67,380 78,000 4 142,379 December 31, 2021 Amortization expense Right-of-use asset 142,379 5 5 December 31, 2021 Depreciation expense 101,000 Accumulated depreciation - leasehold improvement 101,000 6 7,252 December 31, 2022 Interest expense Lease payable Cash 70,749 78,000 7 145,748 December 31, 2022 Amortization expense Right-of-use asset 145,748 8 December 31, 2022 Depreciation expense 101,000 Accumulated depreciation - leasehold improvement 101,000 9 December 31, 2023 Interest expense 7,083 X 70,917 X Lease payable Cash 78,000 10 December 31, 2023 Amortization expense Right-of-use asset 11 December 31, 2023 Depreciation expense 101,000 Accumulated depreciation - leasehold improvement 101,000