11. McCormick County agreed to acquire a new recreation equipment storage facility under a lease financing agreement. At the inception of the lease, a payment of $390,000 will be made; four additional annual lease payments, each in the amount of $390,000, are to be made at the end of each year, beginning late in the current year. The total amount to be paid under this lease is $1,950,000. The lease arrangements implied an annual interest rate of 6 percent. Therefore, the present value of the lease at inception, including the initial payment, is $1,741,390. Assume that the fair value of the building at the inception of the lease is $1,872,000.

Required A Required B Required C1 Required C2 Prepare entries required to record the payment at the end of the first year of the lease in both the debt service fund and gov activities journal. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. round intermediate calculations. Round your answers to the nearest whole dollar amount.) Fund I Governmental Activties Transaction General Journal Debit Credit 1. Record the payment at the end of the year. Debt Service Fund Govenmental ctivities Required A Required B Required C1 Required C2 Prepare entries required to record the payment at the end of the first year of the lease in both the debt service fund and gov activities journal. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. round intermediate calculations. Round your answers to the nearest whole dollar amount.) Fund I Governmental Activties Transaction General Journal Debit Credit 1. Record the payment at the end of the year. Debt Service Fund Govenmental ctivities