Please help me figure out the journal entries $($question $2)$ and the balance sheet and income statement entries $($question $3)$ from the information below for Redbird $($the lessee$).$ I believe the answers are as follows, but I need clarification:

$1/1/2023$

Right$-$of$-$Use Asset $$571,641$

Lease Liability $$571,641$

Lease Liability $$113,864$

Cash $$113,864$

$12/31/2023$

Interest Expense $$36,622$

Lease Liability $$36,622$

Amortization Expense $$95,274$

Right$-$of$-$Use Asset $$95,274$

Balance Sheet

December $31,2023$

Non$-$Current Assets

Right$-$of$-$Use Asset: $$534,136$

Current Liabilities

Lease Liability $$113,864$

Noncurrent liabilities

Lease Liability $$380,535$

Income Statement

December $31,2023$

Interest Expense $$36,622$

Amortization Expense $$95,274$

Please do not provide the canned response that shows $$600,000$ as the right$-$of$-$use asset amount. My professor already confirmed that that's incorrect.

The following facts pertain to a noncancelable lease agreement between Sycamore Leasing Company and

Redbird Company, a lessee:

Inception date

January $1,2023$

Annual lease pmt$.$ due at the beg. of each

year, begimning with January $1,2023$

Residual value of the equipment at the end of

lease term, guaranteed by the lessee

Expected Residual value equipment at end of lease term

Lease term

Economic life of leased equipment

Fair value of equipment at January $1,2023$

Lessor's implicit rate

Lessee's incremental borrowing rate

The equipment will revert to the lessor at the end of the lease term. The lessee uses straight$-$line amortization for

all leased equipment.

Prepare the appropriate journal entries for Redbird on $\frac{1}{1}\frac{?}{23}$ and $\frac{12}{31}\frac{?}{23}.$

Show what would be reported on the $12-31-23$ balance sheet for this lease for non$-$current assets, current and long$-$term

liabilities. Show what would be reported by Redbird in their $2023$ income statement for interest expense and

amortization expense for this lease.