Tried the following numbers and they are not correct:

$48,624

$105,832

Problem 21-03 (Part Level Submission) Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $53,000 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 7%; Whispering's incremental borrowing rate is 9%. Whispering is unaware of the rate being used by the lessor. At the end of the lease, Whispering has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Whispering uses the straight-line method of depreciation on similar owned equipment. Click here to view factor tables. (a) Your answer is correct. Prepare the journal entries, that Whispering should record on December 31, 2020. (Credit account titles are automatically inden o for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to o Debit Credit Date Account Titles and Explanation December 31, 2020 Right-of-Use Asset 227955 227955 Lease Liability (To record leased asset and related liability.) Lease Liability 53000 53000 Cash (To record the first rental payment.) SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT (b) Your answer is correct. Prepare the journal entries, that Whispering should record on December 31, 2021. (Credit account titles are automatically inden o for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2021 TAmortization Expense 32565 32565 Right-of-Use Asset (To record amortization.) Interest Expense 15746 Lease Liability 37254 53000 Cash (To record annual payment on lease liability.) (c) Your answer is correct. Prepare the journal entries, that Whispering should record on December 31, 2022. (Credit account titles are automatically indente o for the amounts. Round answers to o decimal places e.g. 58,971.) Debit Credit Date Account Titles and Explanation December 31, 2022 Amortization Expense 32565 32565 Right-of-Use Asset (To record annual amortization on leased assets.) Interest Expense 12393 Lease Liability 40607 53000 Cash (To record annual payment on lease liability.) CUM ICT or AccouTC CUIL CONITION (d) Your answer is partially correct. Try again. What amounts would appear on Whispering's December 31, 2022, balance sheet relative to the lease arrangement? (Ro WHISPERING STEEL COMPANY Balance Sheet December 31, 2022 Assets Non-current Assets Right-of-Use Asset 162825 Liabilities Current Liabilities Lease Liability 100832 SHOW LIST OF ACCOUNTS