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 of the lease of $280,000, an estimated useful life of 8 years, and no estimated residual value. The appropriate interest rate is 8%. Click here to 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 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 Right-of-Use Asset Lease Liability (To record lease liability) Backup 12/31/19 Lease Liability 45,115 Cash 45,115 (To record lease payment) 12/31/20 Lease Liability 26,324 Interest Expense 18,791 Cash 45,115 (To record interest expense) 12/31/20 Depreciation Expense 35,000 Right-of-Use Asset 35,000 (To record amortization of the right-of-use asset)