Wildhorse Corp. agreed to lease property from Sheffield Corp. effective January 1, 2020, for an annual payment of $24,201, beginning January 1, 2020. The property is made up of land with a fair value of $114,000 and a two-storey office building with a fair value of $176,000 and a useful life of 25 years with no residual value. The implicit interest rate is 7.5%, the lease term is 25 years, and title to the property will not be transferred to Wildhorse by the end of the lease term. Assume that there is also no bargain purchase option, but that the lease does meet other criteria to qualify as a capital lease. Both Wildhorse and Sheffield use ASPE. Prepare the required entries made by Wildhorse Corp. on January 1, 2020, and at its year end of December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Jan. 1Dec. 31	enter an account title to record inception of lease	enter a debit amount	enter a credit amount
	enter an account title to record inception of lease	enter a debit amount	enter a credit amount
	(To record inception of lease.)
Jan. 1	enter an account title to record first lease payment on January 1	enter a debit amount	enter a credit amount
	enter an account title to record first lease payment on January 1	enter a debit amount	enter a credit amount
	enter an account title to record first lease payment on January 1	enter a debit amount	enter a credit amount
	(To record first lease payment.)
choose a transaction date Jan. 1Dec. 31	enter an account title to record interest	enter a debit amount	enter a credit amount
	enter an account title to record interest	enter a debit amount	enter a credit amount
	(To record interest.)
choose a transaction date Jan. 1Dec. 31	enter an account title to record depreciation expense	enter a debit amount	enter a credit amount
	enter an account title to record depreciation expense	enter a debit amount	enter a credit amount
	(To record depreciation expense.)