Marin Corporation recorded a right-of-use asset for $214,400 as a result of a finance lease on December 31, 2019. Marin’s incremental borrowing rate is 11%, and the implicit rate of the lessor was not known at the commencement of the lease. Marin made the first lease payment of $37,534 on on December 31, 2019. The lease requires 8 annual payments. The equipment has a useful life of 8 years with no residual value. Prepare Marin's December 31, 2017, entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places e. g. 5,275)
Date Account Titles and Explanation Debit Credit
December 31, 2017
December 31, 2017 (To record amortization of the right-of-use asset)

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; ///after donning a gown, mask and eyewear;