Exercise 21-1 On Januaryr 1, 201?, Blossom Corporation signed a 5year noncancelable lease for a machine. The terms of the lease called for Blossom to make annual payments of $3,317 at the beginning of each year, starting January 1, 2017. The machine has an estimated useful life of 6 years and a $5, 300 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Blossom uses the straightline method of depreciation for all of its plant assets. Blossom's incremental borrowing rate is 10%, and the lessnr's implicit rate is unknown. Click here to view factor tables Compute the present value of the miniminn lease payments. (Round present value factor calculations to 5 decimal places, 9.9. 1.25124 and the nal answer to 0' deciml places eg. 53,971.) The present value of the 35 Prepare all necessary journal entries for Blossom for this lease through January 1, 2018. (Credit account titles are atmomaticolly indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry " for the account titles and enter 0 for the amotmts. Round answers to 0 decimalplaces 2.9. 58,971.)