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: $17,000 at the beginning of each period (January 1 and July 1) Lease term 3 years (6 semiannual periods) Useful life of asset: Fair value of asset: $92,681 Annual Interest rate: 8% Present value of lease payments: $92,681 Use the information above to answer the questions below. 3 years The Journal entry recorded by the lessee for the first payment on January 1, 2021 will include a: Click to select) debit to Lease Payable for $17,000 debit to Lease Payable for $13,973 credit to Lease Payable for $17,000 credit to Lease Payable for $13,973 Saved 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: Lease term: Useful life of asset: Fair value of asset Annual interest rate: Present value of lease payments: $17.000 at the beginning of each period (January 1 and July 1) 3 years (6 semiannual periods) 3 years $92,681 8% $92,681 Use the information above to answer the questions below. Provide the journal entry recorded by the lessee for the second payment on July 1, 2021. View transaction list Journal entry worksheet