Crane Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8-year period and requires equal annual payments of $32,359 at the beginning of each year. The first payment is received on January 1, 2020. Crane had purchased the machine during 2019 for $140,000. Collectibility of lease payments by Crane is probable. Crane set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Crane at the termination of the lease Click here to view factor tables Compute the amount of the lease receivable. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to decimal places eg. 5,275.) Amount of the lease receivable List of Accounts Prepare all necessary journal entries for Crane for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places eg. 5,275.) Date Account Tities and Explanation Debit Credit 1/1/20 Lease Receivable Cost of Goods Sold Sales Revenue Inventory (To record the lease) Cash Lease Receivable (To record the first lease payment) 12/31/20 Lease Receivable Interest Revenue Suppose the collectibility of the lease payments was not probable for Crane. Prepare the necessary journal entry for the company in 2020. (Credit occount titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 1/1/20 Cash Deposit Liability Suppose at the end of the lease term, Crane receives the asset and determines that it actually has a fair value of $1,320 instead of the anticipated residual value of $0. Record the entry to recognize the receipt of the asset for Crane at the end of the lease term. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places eg. 5,275.) Date Account Titles and Explanation Debit Credit 1/1/20 Inventory Gain on Lease