Brief Exercise 21A-22 Marigold Corporation enters into a 6-year lease of equipment on December 31, 2016, which requires 6 annual payments of $41,000 each, beginning December 31, 2016. In addition, Marigold guarantees the lessor a residual value of $21,300 at the end of the lease. However, Marigold believes it is probable that the expected residual value at the end of the lease term will be $11,300. The equipment has a useful life of 6 years. Cele marigol perme ste fi ar bobler at belemme re bere 3 120 tone Prepare Marigolds' December 31, 2016, journal entries assuming the implicit rate of the lease is 11% and this is known to Marigold. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places e.g. 5,275.) Click here to view the factor table. Date Account Titles and Explanation Debit Credit December 31, 2016 Leased Equipment Lease Liability Lease Liability December 31, 2016 Lease Liability 41,000 41,000 Cash (To record lease payment) Click if you would like to Show Work for this question: Open Show Work