Required information ABC Corp, leased equipment from XYZ Corp. on January 1, 2021, with the first payment due on that date. The equipment was acquired by XYZ at a cost of $80,000 and has a $0 residual value. Depreciation is recorded at the end of each fiscal year (December 31) on a straight-line basis. Additional details: Semiannual lease payment: $16,200 at the beginning of each period (January 1 and July Lease term: 3 years (6 semiannual periods) Useful life of asset 3 years Fair value of asset $88,320 Annual interest rate: 8% Present value of lease payments: $88,320 Use the information above to answer the questions below. The Journal entry recorded by XYZ at inception of the tease will includes: Click to select debit to Lease Receivable for $88,320 credit to Lease Payable for $88,320 credit to Lease Payable for $80,000 debit to Lease Receivable for $80,000