Prepare adjusting journal entries as of December $31,2022,$ as follows: $1.$On January $1,2022,$ Fall Company leased some equipment for $$250,000.$ They made the first of five payments of $$57,976$ on that day. The bookkeeper incorrectly recorded the transaction as follows on January $1$:

Lease expense $$57,976$

Cash $$57,976$

$2.$Accrue annual interest expense on the lease in $($f$)$ at $8\%.$

$3.$ Amortize the lease in $(1)$ over five years.

$4.$ Prepare the income tax accrual assuming the tax rate is $20\%.$ The differences between book and tax are as follows:

Future deductible amounts: Warranty expense and vacation pay from parts $($b: Estimated warranty expense of $2\%$ of sales has not been recorded yet.

c$)$ Accrue unused vacation pay that can be taken in $2023$ in the amount of $$20,000.)$ Estimated warranty expense of $2\%$ of sales has not been recorded yet.

c$-$ Accrue unused vacation pay that can be taken in $2023$ in the amount of $$20,000.)$ and $($c$).($Ignore the other adjusting

entries for this accrual$).$

Future taxable amount: Tax depreciation was $$240,000,$ whereas book depreciation was only $$40,000.$

Taxable income for $2022$ is $$1,471,614.$

There were no previous balances in the Deferred Tax Asset or Deferred Tax Liability accounts.