Shamrock Corporation recorded a right-of-use asset for $187,600 as a result of a finance lease on December 31, 2019. Shamrock's incremental borrowing rate is 12%, and the implicit rate of the lessor was not known at the commencement of the lease. Shamrock made the first lease payment of $36,702 on December 31, 2019. The lease requires 7 annual payments. The equipment has a useful life of 7 years with no residual value. Prepare Shamrock's December 31, 2020, entries.
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