This is a multiple answer question meaning the correct answer could be one or more of the choices below.

On January $1,2024,$ Wingham Company leased equipment from Earnest Leasing Company. The cost and fair value of the equipment is $$200,000.$ The present value of the lease payments is $$120,000.$ The lease qualifies as an operating lease. When the lease is executed, Wingham should:

A$.$ credit lease payable for $$200,000$

B$.$ debit right$-$of$-$use asset for $$120,000$

C$.$ debit right$-$of$-$use asset for $$200,000$

D$.$ credit residual asset liability for $$80,000$

E$.$ credit lease payable for $$120,000$