Bridgeport Incorporated leases a piece of equipment to Metlock Corporation on January 1, 2020. The lease agreement called for annual rental payments of $6,161 at the beginning of each year of the 3-year lease. The equipment has an economic useful life of 5 years, a fair value of $24,300, a book value of $19,300, and both parties expect a residual value of $8,150 at the end of the lease term, though this amount is not guaranteed. Bridgeport set the lease payments with the intent of earning a 6% return, and Metlock is aware of this rate. There is no bargain purchase option, ownership of the lease does not transfer at the end of the lease term, and the asset is not of a specialized nature. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) Your answer is correct. What is the amount of the rental payments used in the lease agreement? (Round answer to O decimal places, e.g. 5,275.) Rental payments 6161 Prepare the entries for Bridgeport for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (To record the recognition of the revenue) (To record depreciation expense on the leased equipment) Debit Credit