On January 1, Rogers (lessee) signs a three-year lease for machinery that is accounted for as a operating lease. The lease requires three $21,205 lease payments (the first at the beginning of the lease and the rest at December 31 of Year 1 and Year 2). The present value of the three annual lease payments is $60,500, using a 5.240% Interest rate. The lease payment schedule follows. (Table B.1. Table 3.2. Table 8.3, and Table 3.4) (Use appropriate factor(s) from the tables provided. Payment () Debit Interest on Lease Liability 6.0038 X (A) (A) Beginning Balance of Lease Liability $60,500 39,295 20,149 Date Jan. 1. Year 1 Dec. 31, Year 1 Dec. 31, Year 2 (C) Debit Lease Liability (D) - (B) $21.205 19,146 20,149 $60,500 (R) inding Balance of Lease Liability (A) - (0) $39,295 20.149 (D) Credit Cash Lesso Payment $21, 205 21. 205 21, 205 $63.615 2,059 1.056 $3,115 Required 1 Required 2 Required 3 Required 4 Prepare the December 31 journal entry to record amortization at the end of (a) Year 1, (b) Year 2, and (c) Year 3. No General Journal Debit Credit Date Year 1 Dec 31 Amortization expense 13,098 Accumulated amortization --Right-of-Use Asset 20,167 X 2 Year 2 Dec 31 Amortization expense Accumulated amortization-Right-of-Use Asset Year 3 Dec 31 Amortization expense Accumulated amortization --Right-of-Use Asset