Shamrock Corporation recorded a right-of-use asset for $303,200 as a result of a finance lease on December 31,2019 . Shamrock's incremental borrowing rate is 12%, and the implicit rate of the lessor was not known at the commencement of the lease. Shamrock made the first lease payment of $54,496 on on December 31,2019 . The lease requires 8 annual payments. The equipment has a useful life of 8 years with no residual value. Prepare Shamrock's December 31, 2020, entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 5,275.)