On January 2, 2021, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $160,000 each, payable beginning January 2, 2021. Brick Co. agrees to guarantee the $150,000 residual value of the asset at the end of the lease term. The expected value of the residual value is $50,000. Brick's incremental borrowing rate is 10%, however it knows that Gold Star's implicit interest rate is 8%. What journal entry would Brick Co. make at January 2, 2021 to record the lease? 8%, 5 periods 10%, 5 periods PV Annuity Due PV Ordinary Annuity 4.31213 3.99271 4.16986 3.79079 PV Single Sum .68508 .62092 758,449 Right-of-Use Asset Cash Lease Liability 160,000 598,449 598,449 Right-of-Use Asset Lease Liability 598,449 689,940 O Right-of-Use Asset Cash Lease Liability 160,000 529,940 707,342 Right-of-Use Asset Cash Lease Liability 160,000 547,342