Problem 21A-2 b-f Company contracts to lease equipment for 5 years, agreeing to make a payment of $109,409 at the beginning of each equipment is to be capitalized at $480,000. The asset is to be amortized on a double-declining-balance rate is 6%, and the implicit rate in the lease equipment transfers to Concord at the end of the lease. The asset has an estimated useful life of s On January 1, 2017, Concord year, starting January 1, 2017. The leased basis, and the obligation is to be reduced on an effective-interest basis. Concord's incremental borrowing is 7%, which is known by Concord. Title to the years and no residual value. eretere tho o urn lnedetres that concoard should record on January 1, 2017.cCredit ccount tites are automaticaly indented wten amoa not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round factor calculations to 5 decimal places,e.g.1.25124 and the final answers to 0 decimal places, e.g Account Titles and Explanation Debit Date Credit January 1, 2017 (To record the lease.) To record lease payment.)