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Question-4: Western Capital (US) a subsidiary of WNH Global and Amin Mines Ltd. (OMN) sign a lease agreement dated January 1, 2006, that calls for Western Capital to lease a front-end loader to Amin beginning January 1, 2006. The terms and provisions of the lease agreement and other pertinent data are as follows. The term of the lease is five years. The lease agreement is non-cancelable, requiring equal rental payments of S 129,908.10 at the beginning of each year (annuity-due basis) The loader has a fair value at the inception of the lease of $ 500,000, an estimated economic life of five years, and no residual value. Amin pays all of the executory costs directly to third parties except for the property taxes of S10,000 per year, which is included as part of its annual payments to Western Capital Amin's incremental borrowing rate is 14 percent per year. Western sets the annual rental to earn a rate of return on its investment of 12 percent per year. a) Amin records the finance lease on its books on January 1, 2006. b) Amin records the first lease payment on January 1, 2006, as follows. c) Prepare the entry to record accrued interest at December 31, 2006. (S.L.O 5) Question-4: Western Capital (US) a subsidiary of WNH Global and Amin Mines Ltd. (OMN) sign a lease agreement dated January 1, 2006, that calls for Western Capital to lease a front-end loader to Amin beginning January 1, 2006. The terms and provisions of the lease agreement and other pertinent data are as follows. . The term of the lease is five years. The lease agreement is non-cancelable, requiring equal rental payments of $ 129,908.10 at the beginning of each year (annuity-due basis). The loader has a fair value at the inception of the lease of $ 500,000, an estimated economic life of five years, and no residual value. Amin pays all of the executory costs directly to third parties except for the property taxes of $10,000 per year, which is included as part of its annual payments to Western Capital Amin's incremental borrowing rate is 14 percent per year. Western sets the annual rental to earn a rate of return on its investment of 12 percent per year. a) Amin records the finance lease on its books on January 1, 2006. b) Amin records the first lease payment on January 1, 2006, as follows. c) Prepare the entry to record accrued interest at December 31, 2006. (S.L.05)