b.) present value of the lease payments

c.) Prepare all necessary journal entries for Skysong for this lease through December 31,2020.

On December 31,2019, Splish Brothers Corporation signed a 6-year, non-cancelable lease for a machine The terms of the lease called for Splish Brothers to make annual payments of $12,188 at the beginning of each year, starting December 31. 2019. The machine has an estimated useful life of 8 years and a $5,900 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Splish Brothers uses the straight-line method of depreciation for all of its plant assets. Splish Brothers's incremental borrowing rate is 9%, and the lessor's implicit rate is unknown. Click here to view factor tables, (a) What type of lease is this for the lessee? This is a/an lcase eTextbook and Media List of Accounts Attempts: 2 of 3 used [b] Compute the prestent value of the ic mse pxyments (for calculotion purposes, use 5 decimal places es duplayed in the foctor table provided and round final arewer to 0 decimal placeses 5,275 ) Present value of the lease ountrents 5 eTextboak and Media List of Accounts Autempts: 0 ot 3 used