Exercise 21-08 (Part Level Submission) Sunland 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 $31,600 at the beginning of each year. The first payment is received on January 1, 2020. Sunland had purchased the machine during 2016 for $101,000. Collectibility of lease payments by Sunland is probable. Sunland 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 Sunland at the termination of the lease. Click here to view factor tables. (a) x Your answer is incorrect. Try again. 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 3160 Click if you would like to Show Work for this question: Open Show Work (b) Prepare all necessary journal entries for Sunland for 2020. (Credit account titles are automatically indented whe entered. Do not indent manually. Round answers to 0 decimal places e.g. 5,275.) Date Account Titles and Explanation Debit Credit 1/1/20 (To record the lease) (To record the first lease payment) 12/31/20 Click if you would like to Show Work for this question: Open Show Work SH