d. Prepare the journal entries Jensen would make in 2020 and 2021 related to the lease arrangement. e. Prepare the journal entries Glaus would make in 2020 and 2021 related to the lease arrangement. f. Suppose Jensen expects the residual value at the end of the lease term to be $40,000 but still guaran- tees a residual of $50,000. Compute the value of the lease liability at lease commencement. P21.7 (LO 2, 4) (Lessor Computations and Entries, Sales-Type Lease with Guaranteed Resid- ual Value) Amirante Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it to Chambers Medical Center for a period of 10 years. The normal selling price of the machine is $495,678, and its guaranteed residual value at the end of the non-cancelable lease term is estimated to be $15,000. The hospital will pay rents of $60,000 at the beginning of each year. Amirante incurred costs of $300,000 in manufacturing the machine and $14,000 in legal fees directly related to the signing of the lease. Amirante has determined that the collectibility of the lease payments is probable and that the implicit interest rate is 5%. Instructions a. Discuss the nature of this lease in relation to the lessor and compute the amount of each of the fol- lowing items. 1. Lease receivable at commencement of the lease. 2. Sales price. 3. Cost of sales. b. Prepare a 10-year lease amortization schedule for Amirante, the lessor. c. Prepare all of the lessor's journal entries for the first year. P21.8 (LO 2, 4) (Lessee Computations and Entries, Finance Lease with Guaranteed Residual Value) Assume the same data as in P21.7 and that Chambers Medical Center has an incremental bor- rowing rate of 5% and an expected residual value at the end of the lease of $10,000