CALCULATOR PRINTER VERSION NEXT Exercise 21-1 On January 1, 2017. Surland Corporation signed a year noccable lease for a machine. The terms of the lease called for Sunland to make annual payments of $8,026 at the beginning of each year, starting January 1, 2017. The machine has an estimated useful life of 6 years and a $4.900 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term Sunland uses the straight-line method of depreciation for all of its plant assets, Sunland's incremental borrowing rate is 10%, and the lessor's implicit rate is unknown Click here to view factor tables Compute the present value of the minimum lease payments (Pound present value factor calculations to decimal places 58,971.) 1.25124 and the final answer to decimal places ag. The present value of the minimumlease payments CALCULATOR PRINTER VERSION BACK NEXT Prepare all necessary journal entries for Sunland for this ease through January 1, 2018. (Credit account ttles are automatically indented when amount is entered. Do not intent manually If no entry is required, select "No Entry for the account titles and enter for the amounts Round answers to decimal places. 591.) Date Account Titles and Exp (To record the lease) To record first payment.) To record depreciation) (To record interest.) URCES (To record depreciation.) (To record interest.) 1/1/18 (To record second payament.)