1:39:26 PM America/Toronto-05:00) 83% 83% You are viewing Attempt 1/Continue Work 1 2 Your answer is partially correct The lessee makes a lease payment of $86.400 to the lessor for equipment in an operating lease transaction Pharoah Company leaves equipment from Noble Construction, Inc. The present value of the lease payments is $756.000. The lease qualifies as a capital lease. Prepare the journal entries that the lessee should make to record the above transactions, Credit account titles are automatically Indented when the amount is red. Do not indent month ( ne entry required, select "No Entry for the account titles and es omounts No. Account Titles and Explanation Rient Egrense Cash (To record rent payment) 2. Leased Asset Mehicles (To record lease asset and liability); Debit Credit 400 756,000 86400 754.000 O for the