On January $1$ of the current year, Company A leased a vehicle from Company B for a six$-$year period with an option to extend the lease for three years. Company A had no significant economic incentive as of the beginning of the lease to exercise the three$-$year extension option. Annual lease payments are $$14,500$ due on December $31$ of each year, calculated by the lessor using a $6\%$ interest rate. The agreement is considered an operating lease.

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Prepare Company A$$s journal entry to record for the right$-$of$-$use asset and lease liability on January $1$ of the current year.

Prepare the journal entries to record interest and amortization on December $31$ of the current year.