Exercise 15-32 (Static) Is it a lease? (LO15-7) Warren Marina owns a large marina that contains numerous boat slips of various sizes, Warren contracts with boat owners to provide slips to house the customers' boats. Lucky Fisherman Fleet contracted with Warren to provide space for four of its fishing boats. The contract specifies that Lucky Fisherman's boats will be kept in Identified slips in the marina. The agreement includes the requirement that Warren provide 45-foot slips per boat for a three-year period, space that Lucky Fisherman can modify with fenders, docklines, and equipment needed to conduct its fishing business Warren cannot switch locations of the boats or modify the slips without Lucky Fisherman's consent Lucky Fisherman Fleet paid $16,000 on March 1, 2021, for the first year's accommodations. The market rate of Interest is 5%, (EV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Prepare the appropriate entry(s) for Lucky Fisherman Fleet at March 1, the commencement of the agreement. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.) 2 Check my work Tor a transaction/event, select "No journai entry required in the nurst account hela. Wound your final answers to the nearest wngre where dollar amount.) View transaction list 05 points Journal entry worksheet ooh Print Record the journal entry needed at commencement of the lease. Debit Credit Note Enter bits before credits Date General Journal March 01, 2021 Right-of-use asset case payable LITU.1 Assignment i Saved Saved 2 Journal entry worksheet