please correct last journal entry

tour answer is partially correct Delray Leasing Company signs an agreement on January 1, 2020, to lease equipment to Oriole Company. The following information relates to this agreement. 1 2 2. 3. The term of the non-cancelable lease is 4 years with no renewal option. The equipment has an estimated economic life of 6 years. The fair value of the asset at January 1, 2020, is $119,200. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $24,700, none of which is guaranteed. The agreement requires equal annual rental payments of $26.557.26 to the lessor, beginning on January 1, 2020. The lessee's incremental borrowing rate is 6%. The lessor's implicitrate is 5% and is unknown to the lessee Oriole uses the straight-line depreciation method for all equipment 4. S 6. Click here to view factor tables. Prepare all of the journal entries for the lessee for 2020 to record the lease agreement, the lease payments, and all expenses related to this lease. Assume the lessee's annual accounting period ends on December 31. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answers to 2 decimal places, c.8.5,265.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Quel 01 9.5/12 Date Account Titles and Explanation Debit Credit 1/1/20 Right-of-Use Asset 97545 Lesebilly 97545 (To record the lease) 1/1/20 Lease Libility 26557.26 canh 2655726 (To record the first lease payment 12/3120 Interest w 405926 Lease ability 24 25 4250.26 eTextbook and Media List of Accounts