Riverbed Corporation enters into a 7-year lease of equipment on December 31, 2019, which requires 7 annual payments of $41,100 each, beginning December 31, 2019. In addition, Riverbed guarantees the lessor a residual value of $18,400 at the end of the lease. However, Riverbed believes it is probable that the expected residual value at the end of the lease term will be $9,200. The equipment has a useful life of 7 years. Prepare Riverbeds' December 31, 2019, journal entries assuming the implicit rate of the lease is 10% and this is known to Riverbed. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places e.g. 5,275.) Click here to view factor tables. Date Account Titles and Explanation Debit Credit December Right-of-Use Asset 31, 2019 Lease Liability (To record the lease liability) December Lease Liability 31, 2019 Cash (To record lease payment) 229,543 41,100 229,543 41,100