BERT CALCULATOR CH Larkspur Leasing Company sions a lease agreement on January 1, 2020, to ease wlectronic went to Cane Corgany. The term of the non-ca 2 year wars required at the end of each year. The following information relates to this greatent 1 Crane has the option to purchase the equipment for $21,000 con termination of the lead It is not only certain that are this option 2 The equipment has a cost of $220,000 and fair value of $259,000 to Larkspur Leasing. The schleconomies 2 years, with a residual value of 671.000 3 Larkour Leasing desires to earn a return of Son its investment 4 Collectibility of the payments by carlour Leasing is probable Click here to view factor tables, Prepare the journal entries on the books of Lars Losing to refect the payments received under the last and to recognize income for the years 2020 and 2001. (Credit on their automatically indented when amount is entered. Do not indent manually. For calculation purposes, we decimal places as delayed in the factor and proud final answers to o decimal places g. 5,275.) Date Account Titles and Explanation Debit Credit Version 4 inn Inn W 5 Soni in Date Account Titles and Explanation Debit Credit suming that Crane exercises its option to purchase the equipment on December 31, 2021, prepare the Eomatically indented when amount is entered. Do not indent manually.) te Account Titles and Explanation Debit Credit 31/21