The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Bramble Company, a lessee. Commencement date January 1, Annual lease payment due at the beginning of each year, beginning with January 1, $ 115,384 Residual value of equipment at end of lease term, guaranteed by the lessee $ 50,000 Expected residual value of equipment at end of lease term $ 45,000 Lease term 6 years Economic life of leased equipment 6 years Fair value of asset at January 1, $ 594,000 Lessor's implicit rate 9 % Lessee's incremental borrowing rate 9 % The asset will revert to the lessor at the end of the lease term. The lessee uses the straight-line amortization for all leased equipment. Click here to view factor tables, BRAMBLE COMPANY (Lessee) Lease Amortization Schedule Annual Lease Payment Plus GRV Date Interest on Liability Reduction of Lease Liability 1/1 20 $ $ $ 1/1/20 115384 0 115384 c 1121 115384 40386 74992 1122 115384 33636 81741 1/1/23 115384 26278 89098 1/1/24 115384 97116 115384 1/1/25 105857 9527 [ 12/31/26 $ $ 692304 128116 564188 $ LEASE HUTIUI LILLIULUU nual Lease ent Plus GRV Interest on Liability Reduction of Lease Liability Lease Liability $ 564112 448804 115384 115384 40386 115384 37 3812 74992 115384 33636 81741 292071 26278 115384 202973 89098 115384 97116 105857 115384 0 105857 9527 592304 128116 $641.88 Prepare all of the journal entries for the essee for and to record the lease agreement, the ease payments and all expenses related to this lease. Assume the lessee's annual accounting period ends on December 31 Credit account obles ore automatically indented when amount is entered Do not indent manually reentry is required select No Entry for the account tidles and enter for the amounts. Round answers to decimo places els sas Record murnal entries in the order presented in the problem Date Account Titles and Explanation Debit Cred Jan 1, 2020 Right of Use Asset 5841188 Lease LiabilV (To record the lease.) Lease ulability 115824 Jan 1.2020 dash To record first lease payment Dec 31, 2020 Interest Expense 0392 Lease Llability (To record interest Dec 31, 2020 Amortization Expense 90031 Right-of-use Asse: (To record amortization.) 115384 der 1.2021 Lease Llability desh (To record second lease payment. 38643 Dec 31 2021 Interest Expense Lease Liability (To record interest.) Dec 31, 2020 9403 Amortization Experte Right-of-USE Aset (To record amortization) Suppose Bramble received a lease incentive of $ 5.000 from Faldo Leasing to enter the lease. How would the initial measurement of the lease liability and right-of-use asset be affected? $ Right-of-use asset $ Lease Liability What if Bramble prepaid rent of $ 5.000 to Faldo? $ Right-of-use asset $ Lease Liability