ALE IN Question 21 Crane Corp.leases new manufacturing equipment from Bracer Construction, Inc. The present value of the lease payments is $420,000 and the fair value is $444,000. Both companies prepare their financial statements under FRS (a) Your answer is correct Which company is the lessor and which company in the lesse? Lesson hacer cand. Les SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT y accewing this question Anistonen, you will learn while you earn poires bated on the Point Potential Policy set by your instructor Attempte: 1 of 15 used (b) Prepare the journal entry to record the lease for the lessee. (Credit account titles are automatically indente required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To record lease asset and liability.) LINK TO TEXT By accessing this question Assistance, you will learn while you earn points based on the Point Potential Policy set b