delaney ag leases an automobile with a fair valua of 10,000 from simon motors on the following terms 1. non cancelable term of 50 months 2. rental of 200 per month at the beginning of each month. the present value at 0.5%per month is 8,873 3. delaney guarantees a residual value of 1,180 the present value at 0.5% per month is 920. delaney expects the probable residual value to be 1,180 at the end of the lease term 4. estimated economic life of the automobile is 60 months 5.delaneys incremental borrowing rate is 6% a year (0.5% a month) simons implicit rate is unknown A. what is the present value of the lease payments to determine the lease liability? B. based on the original fact pattern record the lease on delaneys books at the date of commencement C. record the first months lease payment at commencement of the lease D. record the second months lease payment E. record the first months amortization on delaneys books assume straight-line F. suppose thay instead of 1,180 delaney expects the residual value to be only 500 the guaranteed amount is still 1,180. how does the calculation of the present value of the lease payments change from part E21.3b