ACCO 302 12-07-20181) Compatibility Mode-Saved to this PC Fanis Duran - Review Viee Help ACROBATTell me what you want to do P21-9B (Lo2,4) (Lessee Entries, Capital Lease with Monthly Payments) as an online video gaming firm with an accounting fiscal year ending cated online strategy game; its Inc. was incorporated in 2016 to operate 30. Wellington's primary product is a sophisti- pay a fixed fee plus a usage charge for playing the game. has leased a large, computer a monthly rental of $25,000 for the 60 months (5 years) of the lease term. The estimated useful life of the computer is 6 years. Each scheduled monthly rental payment includes $2,000 for full manufacturer. All rentals are payable on the first day of the month on the to be with September 1, 2017, the date the computer was and the lease agreement was signed. The lease is e for its 5-year term, and it is secured only by the manufac- method with ington 12% per r (1% per month). turer's chattel lien on the computer system. This lease is to be accounted for as a capital lease by Wellington, and it will be depreciated by the straight-line no expected salvage value. Borrowed funds for this type of transaction would cost Well Following is a schedule of the present value of S for selected periods discounted at % per period when payments are made at the beginning of each period. Present Value of SI per Period Discounted at 1% per Period 1.000 1.990 2.970 44.849 45 405 (months) in its accounting records during September 2017 tember 30, 2017 Prepare, in general jounal form, all entries Wellington should have mad s the end of Wellington's fiscal accounting period and it wll be preparing financial statements on that date. Do not prepare