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Exercise 21-08 (Part Level Submission) Blossom Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an

Exercise 21-08 (Part Level Submission) Blossom Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8-year period and requires equal annual payments of $30,536 at the beginning of each year. The first payment is received on January 1, 2020. Blossom had purchased the machine during 2016 for $124,000. Collectibility of lease payments by Blossom is probable. Blossom set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Blossom at the termination of the lease.

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(a) Compute the amount of the lease receivable. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places e.g. 5,275.) Amount of the lease receivable Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 15 used

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