Problem 8-8A Intangible assets- Right-of-Use Lease Asset LO P4 On January 1. Falk Company signed a contract to lease space in a building for three years. The current value of the three lease payments is $250,500 Prepare entries for Falk to record (b) the lease asset and obligation at January 1 , and (b) the $83.500 straight-line amortization at Required: December 31 of the first year. Journal entry worksheet On January 1, Falk Company signed a contract to lease space in a building for three years. The current value of the three lease payments is $250,500 Required: Prepare entries for Falk to record (a) the lease asset and obligation at January 1 , and (b) the $83,500 straight-line amortization at December 31 of the first year. Journal entry worksheet Record annual amortization of RoU asset. Note: Enter debits before credits