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 bulding for three years. The current value of the three lease payments is $392.400 Required: Prepare entries for Falk to record (J) the lease asset and obligation at January 1, and (b) the $130,800 straight-line amortization at December 31 of the first year Journal entry worksheet 2 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 $392,400 Required: Prepare entries for Falk to record (a) the lease asset and obligation at January 1 , and (b) the $130,800 straight-line amortization at December 31 of the first year Journal entry worksheet Record annual amortization of RoU asset. Wetes Enter debits before credith