Exercise 21-6 Bridgeport Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2017. The lease is for an 8-year period and requires equal annual payments of $33,610 at the beginning of each year. The first payment is received on January 1, 2017. Bridgeport had purchased the machine during 2016 for $146,000. Collectibility of lease payments is reasonably predictable, and no important uncertainties surround the amount of costs yet to be incurred by Bridgeport. Bridgeport set the annual rental to ensure an 12% rate of retum. The machine has an economic life of 10 years with no residual value and reverts to Bridgeport at the termination of the lease. Click here to view factor tables Compute the amount of the lease receivable. (Round present value factor calculations to 3 decimal places, e.g. 1.25124 and the final answer to 0 decimal places eg. 58,971.) dy The amount of the lease receivable SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEOLAR EXERCISE Prepare all necessary journal entries for Bridgeport for 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places 38.971.) Debit Credit Date Account Titles and Explanation 1/1/17 To record the late) To record the payment