Practice Brief Exercise 21A-3 Sheffield Corporation agrees on January 1, 2017, to lease equipment from Alpha Inc. for 4 years. The lease calls or annual lease payments of24,000 at the beginning of each year. The lease does not transfer ownership contain a bargain-purchase option, and is not a specialized asset. In addition, the useful life of the equipment is 12 years, and the present value of the lease payments is less than 90% of the fair value of the equipment Prepare Sheffield's journal entries on January 1, 2017 (commencement of the operating lease), and on December 31, 2017. Assume the implicit rate used by the lessor is unknown, and Sheffield's Incremental borrowing rate is 5% 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. 5,275.) Click here to view the factor table Date Account Titles and Explanation Debit Credit (To record lease liability) (To record lease payment) 12/31/17 Click if you would like to Show Work for this question: Open Show Work