Current Attempt in Progress On December 31, 2019, Metlock Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Metlock to make annual payments of $8,482 at the beginning of each year of the lease, starting December 31, 2019. The machine has an estimated useful life of 6 years and a $5,000 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Metlock uses the straight-line method of depreciation for all of its plant assets. Metlock's incremental borrowing rate is 5%, and the lessor's implicit rate is unknown. Click here to view factor tables. (a) Your answer has been saved. See score details after the due date. What type of lease is this? (b) This is a/an finance lease. eTextbook and Media List of Accounts Your answer has been saved. See score details after the due date. Attempts: 1 of 1 used Compute the present value of the lease payments. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to O decimal places e.g. 5,275.) Present value of the lease payments eTextbook and Media 30,068 LIJEVI ACCUR Attempts: 1 of 1 used Prepare all necessary journal entries for Metlock for this lease through December 31, 2020. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 5,275.) Date > Account Titles and Explanation (To record the lease) (To record first lease payment) (To record amortization of the right-of-use asset) (To record interest expense) eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 1 used Submit