Pharoah, Inc. has entered an agrevment to lease an old warehouse with a uneful life of 5 years and a fair value of \$40,000 frum Sheridan Corporation. The aejement stiputates the folloning - Rental payments of $8,799 are to be made at the start of each vear of the 5 -year lease Nareldia value is expected at the end of the lease. - Pharoah must teimburse Sheridan each yoar for ary real estate taxes incurred for the year Last vear, the cost of real estate taxes was $800, though these costs vary from year to vear- - Pharoahmust make a payment of $500 with the rental payment each pericd to coner the imsuran Sheridan has on the warehouse. - Pharoah paid legal fees of $3,000 in erocuting the lease. Assuming Pharoah's incremental borrowing rate is 5% and the rate implicit in the lease is unkown. pre the journal entry to record the initial lease liability and right-of-use asset for Pharcoh. flist alf debit before credit entries, Credit account titles are automatically indented when the amount is entered. Do not indent manually. II no entry is required, select "No Entry" for the account tidies enter 0 for the amounts. For calculation purposes, use 5 decimal places as displayed in the fact table provided and round final answers to 0 decimal places, e.3.5.275.]