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 1, 2022 to record the second lease payment? PV Annuity Due 4.31213 4.16986 112,124 47,876 PV Ordinary Annuity 3.99271 3.79079 PV Single Sum .68508 .62092 160,000 8%, 5 periods 10%, 5 periods Lease Liability Interest Expense Cash Lease Liability Interest Expense Cash Lease Liability Interest Expense Cash Lease Liability Cash 116,212 43,788 160,000 117,604 42,396 160,000 160,000 160,000