[bungae5959]

Hi I am currently studying lease accounting and I came across a problem with the last year of the lease term for the operating Lease

Assuming that :
1. The Lease Period is 5 years beginning January 2019
2. Rental Amount : 60,000/year payable annually except for the first payment which was made at the inception of the lease
3. No Residual Life
Interest Rate (r) : 10%
Present Value of the Lease 250,192

The Journal Entries were as following:
2019.1.1
Right of Use Asset 250,192
Lease Payable 250,192

Lease Payable 60,000
Cash 60,000

2019.12.31
Interest Expense 19,019
Lease Payable 40,981
Cash 60,000

Amortization Expense 40,981
Right of Use Asset 40,981

2020 12.31
Interest Expense 14,921
Lease Payable 45,079
Cash 60,000

Amortization Expense 45,079
Right of Use Asset 45,079

2021 12.31
Interest Expense 10,413
Lease Payable 49,587
Cash 60,000

Amortization Expense 49,587
Right of Use Asset 49,587

2022 12.31
Interest Expense 5454.5
Lease Payable 54545.5
Cash 60,000

Amortization Expense 54545.5
Right of Use Asset 54545.5

Question :
At the last year (2023), should the journal entry be

Amortization Expense 60,000
Right of Use Asset 60,000

To take into account of the amortization expense that was not accounted for in the first year?