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Marin Company leased equipment from Costner Company, beginning on December 31, 2019. The lease term is 8 years and requires equal rental payments of $56,394 at the beginning of each year of the lease, starting on the commencement date (December 31, 2019). The equipment has a fair value at the commencement date of the lease of $350,000, an estimated useful life of 8 years, and no estimated residual value. The appropriate interest rate is 8%. Click here to View factor tables. Prepare Marin's 2019 and 2020journal entries, assuming Marin depreciates similar equipment it owns on a straight-line basis. {Credit account titles are automatically indented when the amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round nal answers to 0 decimal places, es. 5,275.) Date 12/31/19 v 12/ 31/19 V 12/ 31120 V 12/ 31/20 V Account Titles and Explanation Right-of-Use Asset Lease Liability (To record lease liability) Lease Liability Cash (To record lease payment) Lease Liability Interest Expense Cash (To record interest expense) Amortization Expense Right-of-Use Asset (To record amortization of the rightofuse asset) Debit 350000 350000 56394 56394 ll ll II II Credit