Exercise 15-32 (Static) Is it a lease? [LO15-7] Warren Marina owns a large manina that contains numerous boat slips of vanous sizes. Warren contracts with boat owners to provide silps to house the customers' boats. Lucky Fisher Fleet contracted with Warren to provide space for four of its fishing boats - The contract specines that Lucky Fisher's boats will be kept in Identufied silps in the marina - The agreement includes the requirement that Warren provide 45 -foot sips per boat for a three-year period, space that Lucky Fisher can modily with fenders, docklines, and equipment needed to conduct its fishing business. - Warren cannot switch locations of the boats or modify the slips without Lucky Fisher's consent - Lucky Fisher pald $16,000 on March 1, 2024, for the first year's accommodations. - The market rate of interest is 5%. Note: Use tables, Excel, or a financial calculator. (EV of \$1, PV of \$1, EVA of 51, PVA of \$1, EVAD of \$1 and PVAD of \$1) Required: Prepare the appropriate entry(s) for Lucky Fisher Fleet at March 1, the commencement of the agreement. Note: If no entry is required for o transoction/event, select "No journal entry required" in the first occount fleld. Round your final onswers to the nearest whole dollar amount. Journal entry worksheet Record the Joumat entry needed at commencement of the lease. Notes Enter debits beforn credies. Journal entry worksheet Record the cash payment. Notef Enter debits before credits