Shamrock Company leased equipment from Costner Company, beginning on December 31, 2019. The lease term is 8 years and requires equal rental payments of $45,115 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 ofthe lease of $2 80,000, an estimated useful life of 8 years. and no estimated residual value. The appropriate interest rate is 8%. Click hereto View factor tables. Prepare Shamrock's 2019 and 2020 journal entries, assuming Shamrock depreciates similar equipment it owns on a straight-line basis. {Credit account titles areautomatioallyindented when the amount is entered. Do not indent manually. Formlculation purposes. use 5 decimal places as displayed ln the factor table provided and round nal answers to 0 decimal places. es. 5,2 75.} Account Titles and Explanation I 9 V l Right-of-Use Asset Lease Liability (To record lease liability} V Lease Liability D Cash (To record lease payment) Lease Liability m Interest Expense Cash (To record interest expense) Depreciation Expense Right-of-Use Asset E (To record amortization of the right-of-use asset} Debit |:| 45,115 26,324 13 791 :I :I E