Tamarisk Corporation recorded a right-of-use asset for $259,700 as a result of a finance lease on December 31, 2019. Tamarisks incremental borrowing rate is 11%, and the implicit rate of the lessor was not known at the commencement of the lease. Tamarisk made the first lease payment of $49,651 on on December 31, 2019. The lease requires 7 annual payments. The equipment has a useful life of 7 years with no residual value.

Prepare Tamarisk's December 31, 2020, entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places eg. 5,275.) Account Titles and Explanation Debit Credit Date December 31, 2020 (To record interest expense) December 31, 2020 (To record amortization of the right-of-use asset)