Rumsfeld Corporation leased a machine on December 31, 2018, for a three-year period. The lease agreement calls for annual payments in the amount of $15,000 on December 31 of each year beginning on December 31, 2018. Rumsfeld has the option to purchase the machine on December 31, 2021, for $19,000 when its fair value is expected to be $29,000. The machine's estimated useful life is expected to be five years with no residual value. The appropriate interest rate for this lease is 8%. n/ i PV of $1 PV, ordinary annuity .92593 PV, annuity due _ period, - 92593 1. 00000 2 periods 3 . 85734 - 79383 1. 78326 2 . 57710 1. 92593 periods, 2. 78326 Required: 1. Calculate the amount to be recorded as a right-of-use asset and the associated lease payable. 2. Prepare Rumsfeld's journal entries for this lease for 2018 and 2019. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare Rumsfeld's journal entries for this lease for 2018 and 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.) View transaction list View journal entry worksheet x No Date General Journal Debit Credit 1 December 31, 2018 Lease receivable 56,832 Lease payable 56,832 2 December 31, 2018 Lease payable 15,000 Cash 5,000 3 December 31, 2019 Lease payable 11,653 Interest expense 3,347 Cash 15,000 4 December 31, 2019 Depreciation expense Accumulated depreciation Required 1 Required 2 >