Riverbed Corporation leased equipment to Marin, Inc. on January 1, 2020. The lease agreement called for annual rental payments of $1,184 at the beginning of each year of the 3-year lease. The equipment has an economic useful life of 7 years, a fair value of $9,000, a book value of $7,000, and Riverbed expects a residual value of $6,500 at the end of the lease term. Riverbed set the lease payments with the intent of earning a 5% return, though Marin is unaware of the rate implicit in the lease and has an incremental borrowing rate of 7%. There is no bargain purchase option, ownership of the lease does not transfer at the end of the lease term, and the asset is not of a specialized nature. ate 20 Prepare all necessary journal entries for Marin in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to decimal places, eg. 5,275. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Right-of-Use Asset Lease Liability (To record the lease) Lease Liability 20 1184 Cash 1184 (To record lease payment) 1/20 Lease Expense Right-of-Use Asset Lease Liability