Crane Leasing Company leases a new machine to Sharrer Corporation. The machine has a cost of $45,000 and fair value of $91,000. Under the 3-year, non-cancelable contract, Sharrer will receive title to the machine at the end of the lease. The machine has a 3-year useful life and no residual value. The lease was signed on January 1, 2020. Crane expects to earn an 8% return on its investment, and this implicit rate is known by Sharrer. The annual rentals are payable on each December 31, beginning December 31, 2020. Click here to view factor tables. (b) Your answer is correct. Prepare an amortization schedule that would be suitable for both the lessor and the lessee and that covers all the years involved. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places eg. 5,275.) Rent Receipt/ Payment Interest Revenue/ Expense Reduction of Principal Rece ITE'SE 7,280 28,031 25,311 BED'S 35,311 2,416 32,495 eTextbook and Media List of Accounts Attempts: 1 of 4 used Using multiple attempts will impact your score. 50% score reduction after attempt 3 (c) Your answer is correct. Prepare the journal entry at commencement of the lease for Crane. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Date Account Titles and Explanation Debit Credit 1/1/20 Lease Receivable 91,000 Cost of Goods Sold 65,000 Inventory 65,0 Sales Revenue 10'TS eTextbook and Media List of Accounts Attempts: 1 of 4 used Using multiple attempts will impact your score. 50% score reduction after attempt 3 (d) Prepare the journal entry at commencement of the lease for Sharrer. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 1/1/20 Leased Equipment Lease Liability eTextbook and Media List of Accounts Save for Later Attempts: 0 of 4 used Submit Answer Using multiple attempts will impact your score. 50% score reduction after attempt 3 (e) The parts of this question must be completed in order. This part will be available when you complete the part above