Bing Corp. is a manufacturer of hulle. On January 1, 2015 Bing Corpus belloser to Janice Company undersi.year cancelame preement. The following information about the lease and the bulldozer is provided 1. Equal annual payments that are due only I each year provide Bing Corp. with a return on investment 1 2. Title to the builder passes to Janice at the end of the lease Pair value of the balkower is S600.000. The cost of the balldoret to Bing Corp. 5540.000. The bulliewer has an expected setul life of nine years. 4. Collectibility of the lege payment is probable Instructions: Round all answer to the nearest dollar) 1. This is a sales-type lease to the lessor. Explain why 2. Calculate the annual lease payments 3. Prepare a lease amortization schedule for Bing Corp. for the first three years 4. Prepare the journal entries for the lessor for 2018 to record the lease agreement, the receipt of the lease rentals and the recognition of revenue To submit your answer. Type in your response below. Once finished, press the yellow "CLICK HERE TO SAVE YOUR WORK button. You will be given a URL. Copy and paste that URL into the answer field in Canvas Part 1 Typeplanation here 4 5 7 STIGE Enter your answer here 9 10 t 2 11 12 14 15 Interest Receivable Las Recht Reduction Law Rective Dale Annual Payment W 2011 1/1/2018 1/1/2016 17172020 16 Part 17 IN 19 20 21 22 23 Part 4 -34 Account 25 Account being debited 26 Account being debited 27 Account being credited Account being credited Credit Am Debit Amount XXXX XXXX XXX EX