b. What is the present value of the lease payments to determine the lease liability?

journal entries

c. Record the lease of Skysong's books at the date of commencement.

d. Record the first months lease payment at commencement of the lease.

e. Record the second months lease payment (3 accounts)

f. Record the first months amortization assume straight line

no paper answers please

Skysong Company leases an automobile with a fair value of $18,680 from John Simon Motors, Inc., on the following terms: 1. Non-cancelable term of 50 months. 2. Rental of $380 per month (at the beginning of each month). (The present value at 0.5% per month is $16,859.) 3. Skysong guarantees a residual value of $1,870 (the present value at 0.5% per month is $1,457 ). Skysong expects the probable residual value to be $1,870 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Skysong's incremental borrowing rate is 6% a year ( 0.5% a month). Simon's implicit rate is unknown. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.)