Suppose that on that same date (January 1, 2020) Demon Deacon Co. enters into another lease contract. The lease arrangement is for 8 years, has a bargain purchase option for $15,000, but no residual value guarantee. The expected useful life of the asset is 10 years. The initial value of the capital lease asset (and liability) is $615,000. Lease payments are end-of-year payments of $93,583. Record the journal entries for this lease arrangement that would be made on December 31, 2020, given the information.