Crane Co. leased machinery from Young. Inc. on January 1, 2020. The lease term was for 8 years, with equal annual rental payments of $5,200 at the beginning of each year. In addition, the lease provides an option to purchase the machinery at the end of the lease term for $3,000, which Crane is reasonably certain it will exercise as it believes the fair value of the machinery will be at least $6,000. The machinery has a useful life of 10 years and a fair value of $44.000. The implicit rate of the lease is not known to Crane. Crane's incremental borrowing rate is 6% Prepare Crane's 2020 journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final onswers to 0 decimal places, e.8. 5,275. Record journal entries in the order presented in the problem.) Click here to view factor tables