Recording Finance Lease Journal Entries-No Residual Value Pier10 Inc. entered into a S-year lease and recorded a right-of-use asset and lease liability of $299,200 on January 1, 2020. Pier10 Inc. was aware of the lessor's implicit rate of interest of 54. The equipment under lease had an estimated 5-year useful life with no residual value. The first lease payment of 565,817 was due upon commencement of the lease. Record Pier10 Inc.'s journal entries during the year of 2020 assuming that the lease is properly classified as a finance lease. a. January 1, 2020 Record the right-of-use asset and lease liability. b. January 1, 2020 Record the lease payment C. December 31, 2020 Record the adjusting entries. Note: Round your answers to the nearest whole dollar. Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Dr. CF a. Jan. 1.2020 . jan. 1.2020 Date Account Name . Dec 31, 2020 To record interest Dec 31, 2020 . To record amortization Activate Windows Go to Settinora