Current Attempt in Progress 1. 2 Tamarisk Dairy leases its milking equipment from Vaughn Finance Company under the following leau terms The hisse term is 10 years, mencancelable, and requires equal rental payments of $29,300 due at the beginning of each year starting January 1, 2020 The equipment has a fair value at the commencement of the lease January 1, 2020) of $220,857 and a cost of $239,000 on Vughn Finance's books. It also has an estimated economic life of 15 years and an expected residual value of $13,100 though Tamarisk Dairy has guaranteed a residual value of $18.400 to Vaughn Finance The lease contains no renewal options, and the equipment reverts to Vaughn Finance upon termination of the lease. The equipment is not of a specialized use Tamarisk Dairy's incremental borrowing rate is 8% per year. The implicitrate is also ex Tamarisk Dalry depreciates similar equipment that it owns on a straight-line basis 6 Collectibility of the payments is probable 3 4 5. Click here to view factor tables Your answer is correct Question 2 of 2 1.82/2 Prepare there for the best and lessor at January 1, 2020 and December 312020 handler endi Assume revendicitis amatically indented when an intered Dorot indent no entry is relect "No Entry for the account title and enter for the amount Hound present value foctor calculations to 5 decimale 125125 and runswers to decimal placeres 5.250) Date Debit Credit Account Titles and Explanation Los 2000 Le (To record the lease) in 2000 200 (To record lase payment) 2000 (To record the lease) LE Internet Patte (to record fease payment.) Lease Deel 2020 Interest Epeme 25 (To record interest :) Decat.2020 Depreciation Espone 2024 Acconciate Direction Capital (To record amortization) 31.030 Uncave 15325 terest