Sage Hill Company leased equipment from Costner Company, beginning on December 31, 2019. The lease term is 5 years and requires equal rental payments of $68,401 at the beginning of each year of the lease, starting on the commencement date (December 31, 2019). The equipment has a fair value at the commencement date of the lease of $290,000, an estimated useful life of 5 years, and no estimated residual value. The appropriate interest rate is 9%. Click here to view factor tables. Prepare Sage Hill's 2019 and 2020 journal entries, assuming Sage Hill depreciates similar equipment it owns on a straight-line basis. (Credit account titles are automatically indented when the 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 O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit 12/31/19 Leased Asset 290000 Lease Liability 290000 (To record lease liability) 12/31/19 - Lease Liability 68401 Cash 68401 (To record lease payment) 12/31/20 - Interest Expense 19943.91 Lease Liability 48457.09