Crane Corporation, which uses ASPE, enters into a 6-year lease of equipment on September 1, 2020, that requires 6 annual payments of $28,800 each, beginning September 1, 2020. The equipment has a useful life of seven years. Assume that a residual value of $16,700 is expected at the end of the lease, but that Crane does not guarantee the residual value. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Using (1) tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the capital lease. Prepare Crane's September 1, 2020 journal entry, assuming an interest rate of 8% and that Merrill also uses ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275.) Account Titles and Explanation (To record inception of lease and first lease payment.) Debit Credit Present Value of 1 (n) periods 2% 212% 3% 4% 5% 1 3345 67890 10 11 7% 8% 9% 10% 11% 12% 6% 15% 0.98039 0.97561 0.97087 0.96156 0.95238 0.94340 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.86957 2 0.96117 0.95181 0.94260 0.92456 0.90703 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 0.75614 0.94232 0.92860 0.91514 0.88900 0.86384 0.83962 0.81630 0.79383 0.77218 0.75132 0.73119 0.71178 0.65752 0.92385 0.90595 0.88849 0.85480 0.82270 0.79209 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.57175 0.90583 0.88385 0.86261 0.82193 0.78353 0.74726 0.71299 0.68058 0.64993 0.62092 0.59345 0.56743 0.49718 0.88797 0.86230 0.83748 0.79031 0.74622 0.70496 0.66634 0.63017 0.59627 0.56447 0.53464 0.50663 0.43233 0.87056 0.84127 0.81309 0.75992 0.71068 0.66506 0.62275 0.58349 0.54703 0.51316 0.48166 0.45235 0.37594 0.85349 0.82075 0.78941 0.73069 0.67684 0.62741 0.58201 0.54027 0.50187 0.46651 0.43393 0.40388 0.32690 0.83676 0.80073 0.76642 0.70259 0.64461 0.59190 0.54393 0.50025 0.46043 0.42410 0.39092 0.36061 0.28426 0.82035 0.78120 0.74409 0.67556 0.61391 0.55839 0.50835 0.46319 0.42241 0.38554 0.35218 0.32197 0.24719 0.80426 0.76214 0.72242 0.64958 0.58468 0.52679 0.47509 0.42888 0.38753 0.35049 0.31728 0.28748 0.21494 0.78849 0.74356 0.70138 0.62460 0.55684 0.49697 0.44401 0.39711 0.35554 0.31863 0.28584 0.25668 0.18691 0.77303 0.72542 0.68095 0.60057 0.53032 0.46884 0.41496 0.36770 0.32618 0.28966 0.25751 0.22917 0.16253 0.75788 0.70773 0.66112 0.57748 0.50507 0.44230 0.38782 0.34046 0.29925 0.26333 0.23199 0.20462 0.14133 0.74301 0.69047 0.64186 0.55526 0.48102 0.41727 0.36245 0.31524 0.27454 0.23939 0.20900 0.18270 0.12289 0.72845 0.67362 0.62317 0.53391 0.45811 0.39365 0.33873 0.29189 0.25187 0.21763 0.18829 0.16312 0.10687 0.71416 0.65720 0.60502 0.51337 0.43630 0.37136 0.31657 0.27027 0.23107 0.19785 0.16963 0.14564 0.09293 0.70016 0.64117 0.58739 0.49363 0.41552 0.35034 0.29586 0.25025 0.21199 0.17986 0.15282 0.13004 0.08081 0.68643 0.62553 0.57029 0.47464 0.39573 0.33051 0.27651 0.23171 0.19449 0.16351 0.13768 0.11611 0.07027 0.67297 0.61027 0.55368 0.45639 0.37689 0.31180 0.25842 0.21455 0.17843 0.14864 0.12403 0.10367 0.06110 12 13 14 15 16 17 18 19 20 PRESENT VALUE OF AN ANNUITY DUE OF 1 PVF-AD, 1+- (1+7) (n) periods 2% 3% 4% 5% 6% 12443 1 2 3 5 2.88609 3.77509 4.62990 21/2% 12% 15% 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 100000 1.00000 100000 1.00000 1.98039 1.97561 1.97087 1.96154 1.95238 1.94340 1.92593 1.91743 1.90909 1.90090 1.89286 1.86957 2.94156 2.92742 2.91347 2.85941 2.83339 2.78326 2.75911 2.73554 2.71252 2.69005 2.62571 3.88388 3.85602 3.82861 3.72325 3.67301 3.57710 3.53130 3.48685 3.44371 3.40183 3.28323 4.80773 4.76197 4.71710 4.54595 4.46511 4.31213 4.23972 4.16986 4.10245 4.03735 3.85498 8% 9% 10% 11% 6 7 8 7.47199 9 10 8.32548 9.16224 11 12242 13 5.71346 5.64583 5.57971 5.45182 5.32948 5.21236 4.99271 4.88965 6.60143 6.50813 6.41719 6.24214 6.07569 5.91732 5.62288 5.48592 7.34939 7.23028 7.00205 6.78637 6.58238 6.20637 6.03295 8.17014 8.01969 7.73274 7.46321 7.20979 6.74664 6.53482 8.97087 8.78611 8.43533 8.10782 7.80169 7.24689 6.99525 9.98259 9.75206 9.53020 9.11090 8.72173 8.36009 7.71008 7.41766 10.78685 10.51421 10.25262 9.76048 9.30641 8.88687 8.13896 7.80519 11.57534 11.25776 10.95400 10.38507 9.86325 9.38384 8.53608 8.16073 12.34837 11.98319 11.63496 10.98565 10.39357 9.85268 8.90378 8.48690 15 13.10625 12.69091 12.29607 11.56312 10.89864 10.29498 9.24424 8.78615 4.79079 4.69590 4.60478 4.35216 5.35526 5.23054 5.11141 4.78448 5.86842 5.71220 5.56376 5.16042 6.33493 6.14612 5.96764 5.48732 6.75902 6.53705 6.32825 5.77158 16 17 13.84926 13.38138 12.93794 12.11839 11.37966 10.71225 9.55948 14.57771 14.05500 13.56110 12.65230 11.83777 11.10590 9.85137 9.31256 18 15.29187 14.71220 14.16612 13.16567 12.27407 11.47726 10.12164 9.54363 19 15.99203 15.35336 14.75351 13.65930 12.68959 11.82760 10.37189 9.75563 20 16.67846 15.97889 15.32380 14.13394 13.08532 12.15812 10.60360 9.95012 9.06069 21 17.35143 16.58916 15.87747 14.59033 13.46221 12.46992 10.81815 10.12855 18.01121 17.18455 16.41502 15.02916 13.82115 12.76408 11.01680 10.29224 18.65805 17.76541 16.93692 15.45112 14.16300 13.04158 11.20074 10.44243 24 19.29220 18.33211 17.44361 15.85684 14.48857 13.30338 11.37106 10.58021 25 19.91393 18.88499 17.93554 16.24696 14.79864 13.55036 11.52876 10.70661 7.14457 6.88923 6.65022 6.01877 7.49506 7.20652 6.93770 6.23371 7.81369 7.49236 7.19437 6.42062 8.10336 7.74987 7.42355 6.58315 9.36669 7.98187 7.62817 6.72448 8.60608 8.19087 7.81086 6.84737 8.82371 8.37916 7.97399 6.95424 9.02155 8.54879 8.11963 7.04716 9.20141 8.70162 8.24967 7.12797 9.36492 8.83929 8.36578 7.19823 9.51356 8.96333 8.46944 7.25933 9.64869 9.07507 8.56200 7.31246 9.77154 9.17574 8.64465 7.35866 9.88322 9.26643 8.71843 7.39884 9.98474 9.34814 8.78432 7.43377 26 20.52346 19.42438 18.41315 16.62208 15.09394 13.78336 11.67478 10.82258 10.07704 9.42174 8.84314 7.46415 27 21.12104 19.95061 18.87684 16.98277 15.37519 14.00317 11.80998 10.92897 10.16095 9.48806 8.89566 7.49056 28 21.70690 20.46401 19.32703 17.32959 15.64303 14.21053 11.93518 11.02658 10.23722 9.54780 8.94255 7.51353 29 22.28127 20.96489 19.76411 17.66306 15.89813 14.40616 12.05108 11.11613 10.30657 9.60162 8.98442 7.53351 30 22.84438 21.45355 20.18845 17.98371 16.14107 14.59072 12.15841 11.19828 10.36961 9.65011 9.02181 7.55088 22 223 222 233 2 31 23.39646 21.93029 20.60044 18.29203 16.37245 14.76483 12.25778 11.27365 10.42691 9.69379 9.05518 7.56598 23.93770 22.39541 21.00043 18.58849 16.59281 14.92909 12.34980 11.34280 10.47901 9.73315 9.08499 7.57911 24.46833 22.84918 21.38877 18.87355 16.80268 15.08404 12.43500 11.40624 10.52638 9.76860 9.11159 7.59053 34 24.98856 23.29188 21.76579 19.14765 17.00255 15.23023 12.51389 11.46444 10.56943 9.80054 9.13535 7.60046 35 25.49859 23.72379 22.13184 19.41120 17.19290 15.36814 12.58693 11.51784 10.60858 9.82932 9.15656 7.60910 36 25.99862 24.14516 22.48722 19.66461 17.37419 15.49825 12.65457 11.56682 10.64416 9.85524 9.17550 7.61661 37 26.48884 24.55625 22.83225 19.90828 17.54685 15.62099 12.71719 11.61176 10.67651 9.87859 9.19241 7.62314 38 26.96945 24.95732 23.16724 20.14258 17.71129 15.73678 12.77518 11.65299 10.70592 9.89963 9.20751 7.62882 39 27.44064 25.34860 23.49246 20.36786 17.86789 15.84602 12.82887 11.69082 10.73265 9.91859 9.22099 7.63375 40 27.90259 25.73034 23.80822 20.58448 18.01704 15.94907 12.87858 11.72552 10.75697 9.93567 9.23303 7.63805