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ew Policies now Attempt History urrent Attempt in Progress Sandhill Incorporated leases a piece of machinery to Monty Company on January 1, 2020, under the following terms. 1. The lease is to be for 4 years with rental payments of $11,093 to be made at the beginning of each year. 2. The machinery' has a fair value of $59,176, a book value of $44,160, and an economic life of 10 years. At the end of the lease term, both parties expect the machinery to have a residual value of $22,080. To 3. protect against a large loss, Sandhill requests Monty to guarantee $15,310 of the residual value, which Irving agrees to do. The lease does not transfer ownership at the end of the lease term, does not have any bargain purchase 4. options, and the asset is not of a specialized nature. 5. The implicit rate is 5%, which is known by Monty. 6. Collectibility of the payments is probable. Click here to view factor tables. Your answer is correct. Prepare the journal entries for Monty for the year 2020. (Credit account titles are automatically indented when the amount is entered. De not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts. Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to decimal places e.g. 5,275.) Debit Credit Date Account Titles and Explanation Jan. 1 Right-of-Use Asset 41303 41303 11093 Lease Liability (To record lease) Jan. 1 Lease Liability Cash (To records first lease payment) Dec. 31 Interest Expense 11093 1511 1511 Lease Liability (To record accrued interest) Dec. 31 Amortization Expense 10326 10326 Right-of-Use Asset (To record amortization expense) e Textbook and Media Assistance Used Your answer is partially correct. Prepare the journal entries for Sandhill for the year 2020. (Credit account titles are automatically indented when the amount is entered. not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to O decimal places eg. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 Lease Receivable 59,176 Cost of Goods Sold 44,160 Sales Revenue 59,176 Inventory 44,160 (To record lease) Jan. 1 Cash 11093 Lease Receivable 11093 (To record first lease payment) Dec. 31 Interest Receivable 1511 Interest Revenue 1511 (To record lease revenue) e Textbook and Media Chegg TA Your answer is partially correct. Suppose Monty did not guarantee any amount of the expected residual value. Prepare the journal entries for Monty for the year 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to decimal places eg. 5,275.) Debit Credit Date Account Titles and Explanation Jan. 1 Right-of-Use Asset 41303 Lease Liability 41303 (To record lease) Jan. 1 Lease Liability 11093 Cash 11093 (To record first lease payment) Dec. 31 Amortization Expense 11093 Lease Liability 1511 Right-of-Use Asset 9582 (To record interest and amortization) e Textbook and Media Assistance Used Your answer is partially correct. Suppose Monty did not guarantee any amount of the expected residual value. Prepare the journal entries for Sandhill for the year 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select Entry" for the account titles and enter O for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and th answer to O decimal places eg. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 11093 Lease Receivable 11093 (To record lease payments) Dec. 31 Cash 3070 Lease Revenue 3070 (To record lease revenue) Dec. 31 Depreciation Expense 22080 22080 Accumulated Depreciation-Equipment (To record depreciation) e Textbook and Media Assistance List of Accounts Assistance