Please help with part F.

On January 1, 2020, Headland Company contracts to lease equipment for 5 years agreeing to make a payment of $151,860 at the beginning of each year, starting January 1, 2020. The leased equipment is to be capitalized at $623,000. The asset is to be amortized on a double-declining-balance basis, and the obligation is to be reduced on an effective-interest basis. Headland's incremental borrowing rate is 6%, and the implicit rate in the lease is 11%, which is known by Headland. Title to the equipment transfers to Headiland at the end of the lease. The asset has an estimated useful life of 5 years and no residual value. Click here to view factor tables. (b) Your answer is correct. Prepare the journal entries that Headland should record on January 1, 2020. (Credit account titles are automatically indented when amount is entered Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round present value factor calculations to 5 decimal places, eg 1.25124 and the final answers to decimal places.es 5.275.) Date Account Titles and Explanation Debit Credit January 1.2020 Right-of-Use Asset 623.000 Lease Liability 6231 (To record the lease.) Lease Liability 151880 Cash 151) (To record lease payment.) e Textbook and Media List of Accounts Attempts: 1 of 4 used Using multiple attempts will impact your score 50% score reduction after attempt 3 (c) Your answer is correct. Prepare the journal entries to record amortization of the leased asset and interest expense for the year 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places, eg: 5,275.) Date Account Titles and Explanation Debit Credit December 31, 2020 Amortization Expense 249 200 Right-of-Use Asset (To record amortization of the leased asset.) December 31, 2020 Interest Expense 51825 Lease Liability e Textbook and Media List of Accounts Attempts: 2 of 4 used Using multiple attempts will impact your score. 50% score reduction after attempt 3 (d) Your answer is correct. Prepare the journal entry to record the lease payment of January 1, 2021, assuming reversing entries are not made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts. Round present value factor calculations to 5 decimal places, eg. 125124 and the final answers to decimal places, c.2.5,275.) Debit Credit Date Account Titles and Explanation January 1.2021 Lease Liability 151880 Cash 151) e Textbook and Media List of Accounts Attempts: 1 of 4 used Using multiple attempts will impact your score. 50% score reduction after attempt 3 le) Your answer is correct. What amounts will appear on the lessee's December 31, 2020, balance sheet relative to the lease contract? HEADLAND COMPANY Balance Sheet (Partial) December 31, 2020 Assets Noncurrent Assets Right-of-Use Asset 373 800 Liabilities Current Liabilities Lease Liability 151880 Noncurrent Liabilities Lease Liability 371105 e Textbook and Media List of Accounts Attempts: 2 of 4 used Using multiple attempts will impact your score. 50% score reduction after attempt 3 (f) How would the value of the lease liability in part b change if Headland also agreed to pay the fixed annual insurance on the equipment of $2,000 at the same time as the rental payments? [Round answers to decimal places, eg 5,275.) The lease liability $ eTextbook and Media List of Accounts Attempts: 0 of 4 used Submit Answer Save for Later Using multiple attempts will impact your score 50% score reduction after attempt 3