Crosley Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, Year 2. The lease is for an 8 year period and requires equal annual payments of $35,004 at the beginning of each year. The first payment is received on January 1, Year 2. rosley had purchased the machine during Year 1 for $160,000. Collectibility of the lease payments is probable. Crosley set the annual return to ensure an 6% rate of return. The machine has an economic life of 10 years and no residual value and reverts to Crosley at the termination of the lease. Instructions (a) Compute the amount of the lease receivable. (b) Prepare all the necessary journal entries for Crosley for Year 2. c) Additionally, prepare all the journal entries for Dexter Corporation for Year 2