Sandhill Corp. agreed to lease property from Vaughn Corp. effective January 1, 2020, for an annual payment of $25,592, beginning January 1, 2020. The property is made up of land with a fair value of $114,000 and a two-storey office building with a fair value of $160,000 and a useful life of 25 years with no residual value. The implicit interest rate is 9%, the lease term is 25 years, and title to the property is transferred to Sandhill at the end of the lease term. Prepare the required entries made by Sandhill Corp. on January 1, 2020, and at its year end of December 31, 2020. Both Sandhill and Vaughn use ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) Debit Credit Date Jan. 1 Account Titles and Explanation Land under Lease Buildings under Lease paya Cash (To record inception of lease and first lease payment.) Interest Expense Dec 31 Lease Liability (To record interest.) Depreciation Expense Dec. 31 Accumulated Depreciation - Leased Buildings (To record depreciation expense.)