Six years ago, Tannersville Valuations Corp. leased office equipment. A $$44,000$ ROU asset was recognized at that time. Tannersville depreciated the asset on a straight$-$line basis over the lease

term. Provisions of the lease included a requirement to provide a $$16,000$ residual value guarantee. Tannersville previously expected to pay out $$13,500$ under this guarantee. It is now January $1,$

$2023,$ and Tannersville returned the leased equipment to the lessor. As the value of the equipment was only $$4,000,$ Tannersville paid $$12,000$ cash to settle the guarantee.

Required

Prepare the journal entries to derecognize the right$-$of$-$use asset and lease liability on January $1,2023.$

Prepare the journal entries to derecognize the right$-$of$-$use asset and lease liability on January $1,2023.($Record debits first, then credits. Explanations are not required. Round your answers to the

nearest dollar.$)$

Begin by preparing the journal entry to record the derecognition of the right$-$of$-$use asset on January $1,2023.$

Prepare the journal entry to record the lease liability on January $1,2023.($Record debits first, then credits. Explanations are not required. Round your answers to the nearest dollar.$)$