TI L L Abbeb ABCD AB Problem IV: (9 points) On 1/1/19. Greenwood Corp. (the lessee) leased equipment from a lessor. The following information is available: Greenwood has already determined the lease is an operating lease The lease term is eight (8) years and requires annual payments of $10,000 at the beginning of each year Using a 10% discount rate, the present value of the lease payments has already been determined to be 558,684 Greenwood is not guaranteeing a residual value Greenwood knows the implicit rate on the lease is 10% Greenwood has a calendar year-end. The 1/1/19 and 12/31/19 journal entries the accountant made areas 1/1/19 Debit 58.681 Credit Right of Use Asset Lease Liability 58,684 1/1/19 Lease Liability Cash 10,000 10.000 12/31/19 4.868 Lease Expense Lease Liability Required: While the above 1/1/19 entries are correct, the entry for 12/31/19 is incorrect. Assume you discover this error in January of 2020 after 2019's financial statements and closing entries have already been prepared. In the journal below, prepare the correcting journal entry, which should be made. Round all calculations to the nearest whole dollar Note: A check figure is given below. Debit Credit 1/1/20