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Sheffield Corporation leases equipment from Falls Company on January 1, 2020. The lease agreement does not transfer ownership, contain a bargain purchase option, and is not a specialized asset. It covers 3 years of the equipment's 8-year useful life, and the present value of the lease payments is less than 90% of the fair value of the asset leased. Prepare Sheffield's journal entries on January 1, 2020, and December 31, 2020. Assume the annual lease payment is $44,000 at the beginning of each year, and Sheffield's incremental borrowing rate is 9%, which is the same as the lessor's implicit rate. (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 final answers to 0 decimal places, e.g. 5,265. Record journal entries in the order presented in the problem.) Click here to view factor tables. 1/1/20 Right-of-Use Asset Lease Liability (To record lease liability) Lease Liability Cash (To record lease payment) 12/31/20^ Lease Expense Lease Liability Right-of-Use Asset