Diablo Company leased a machine from Juniper Corporation on January 1, 2016. The machine has a fair value of $14,000,000. The lease agreement calls for three equal payments at the end of each year. The useful life of the machine was expected to be three years with no residual value. The appropriate interest rate for this lease is 12%.

24. Value points 1.00 Diablo Company leased a machine from Juniper Corporation on January 1 2016. The machine has a fair value of $14,000,000. The lease agreement calls for three equal payments at the end of each year. The useful life of the machine was expected to be three years with no residual value. The appropriate interest rate for this lease is 12%. Other information: PV of an ordinary annuity @12% for 3 periods: 2.4018 PV of an annuity due @12% for 3 periods: 2.6900 Required: 1. Determine the amount of each lease payment. Answer is complete but not entirely correct 5,828,962X ease payment 2. 3. & 4. Prepare the appropriate journal entry. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) Answer is not complete Transaction General Journal Debit Credit 24. Value points 1.00 Diablo Company leased a machine from Juniper Corporation on January 1 2016. The machine has a fair value of $14,000,000. The lease agreement calls for three equal payments at the end of each year. The useful life of the machine was expected to be three years with no residual value. The appropriate interest rate for this lease is 12%. Other information: PV of an ordinary annuity @12% for 3 periods: 2.4018 PV of an annuity due @12% for 3 periods: 2.6900 Required: 1. Determine the amount of each lease payment. Answer is complete but not entirely correct 5,828,962X ease payment 2. 3. & 4. Prepare the appropriate journal entry. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) Answer is not complete Transaction General Journal Debit Credit