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. In addition, Crane guarantees the lessor a residual value of $17,200 at lease end. The equipment has a useful life of seven years. Assume that for Moxey Corporation, the lessor, collectibility is reasonably predictable, there are no important uncertainties concerning costs, and the equipment's carrying amount is $135,000. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Prepare Moxey's September 1, 2020 journal entries, assuming an interest rate of 8%. (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 Ofor the amounts. Round factor values to 5 decimal places, eg. 1.25124 and final answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Sept. 1 Equipment under Lease Obligations under Lease (To record inception of lease.) Sept. 1 Lease Liability Cash (To record cost of goods sold.) Sept. 1 Interest Expense Lease Liability (To record first lease payment.)