Exercise 20-10 Wildhorse Corp., which uses ASPE, leases lease car to Jaimme DeLory on June 1, 2017. The term of the non-cancellable lease is 48 months. The following information is provided about the 1 The lessee is given an option to purchase the automobile at the end the lease term for $5,700. Wildhorse's inventory at $20,400. The automobile's fair value on June 1, 2017 is $30,400. It is carried 2 3. The car has an economic life of seven years, with a $1,200 resldual value at the end of that time. The car's estimated falr value Is $10,400 after four years, $7,100 after flve years, and $2,200 after six years earn a 12% rate of return (1% per month ) on any financing transactions. 4. Wildhorse wants 5. Jaimme DeLory represents a reasonable credit risk and no future costs are anticipated in relation to this lease. 6. The lease agreement calls for a $1,300 down payment on June 1, 2017, and 48 equal monthly payments on the first of each month, beginning June 1, 2017. Click here to view the factor table. Determine the amount of the monthly lease payment using present value tables, final answer to 2 decimal places, e.g. 52.75.) financial calculator, or Excel functions. (Round factor values to 5 decimal places, e.g. 1.25124 and Monthly lease payment Prepare a lease amortization schedule for the 48-month lease term. (Round answers to 2 decimal places, e.g. 52.75.) Wildhorse Corp. (Lessor) Lease Amortization Schedule Monthly Lease Payment Plus RV Balance Interest Net Month of Net on Net Investment Investment Recovery Investment $ 1 $ $ 2 4 6 7 9 Prepare the entries that are required, if any, on December 31, 2017, Wildhorse's fiscal year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Account Titles and Explanation Debit Credit Date Dec. 31, 2017 How much income will Wildhorse report on its 2017 statement of income relative to this lease? (Round answers to 0 decimal places, e.g. 5,275.) Sales Cost goods sold Gross profit Interest income lease What is the net investment in the lease to be reported on the December 31, 2017 statement of financial position? How much is reported in current assets? In non-current assets? (Round laces, e.g. answers Net investment in the lease to be reported as non-current assets Net investment in the lease to be reported as current assets