Current Attempt in Progress Wildhorse Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8-year period and requires equal annual payments of $32,055 at the beginning of each year. The first payment is received on January 1, 2020. Wildhorse had purchased the machine during 2019 for $129,000. Collectibility of lease payments by Wildhorse is probable. Wildhorse set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Wildhorse at the termination of the lease. Click here to view factor tables. * Your answer is incorrect. Compute the amount of the lease receivable. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places e.g. 5,275.) Amount of the lease receivable $ 211287 Prepare all necessary journal entries for Wildhorse for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually, Round answers to 0 decimal places e.. 5,275.) Date Account Titles and Explanation 1/1/20 Lease Receivable Cost of Goods Sold Debit 129000 Credit Question 3 Accounting Dropdown Question 4 Acting Mutipan Question 5 Accounting Mitgen Sales Revenue Inventory (To record the lease) Cash Lease Receivable (To record the first lease payment) 12/31/20 Lease Receivable Interest Revenue 32055 129000 32055 Question 6 Accounning Mutisert Viewing Question 7 Auning Muhipur Question 8 Accouning Mutia Question 9 Accounting Desplow Question 10 Acounting Depdown Question 11 Suppose the collectibility of the lease payments was not probable for Wildhorse Prepare the necessary journal entry for the company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation 1/1/201 eTextbook and Media List of Accounts Debit Credit X Your answer is incorrect Suppose at the end of the lease term, Wildhorse receives the asset and determines that it actually has a fair value of $960 instead of the anticipated residual value of 50. Record the entry to recognize the receipt of the asset for Wildhorse at the end of the lease term. (Credit account titles are automatically indented when amount is entered. Do not indent manually, Round answers to O decimal places eg 5,275.) Date Account Titles and Explanation 1/1/20 Debit Credit