Exercise 21-6 Cheyenne 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 $32,912 at the beginning of each year. The first payment is received on January 1, 2017. Cheyenne had purchased the machine during 2016 for $152,000. Collectibility of lease payments is reasonably predictable, and no important uncertainties surround the amount of costs yet to be incurred by Cheyenne. Cheyenne set the annual rental to ensure an 11% rate of return. The machine as an economic e of 10 years with no re u value and reverts to Chr enne at the termination of the ease. Click here to view factor tables Compute the amount of the lease receivable. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971) The amount of the lease receivable Prepare all necessary journal entries for Cheyenne 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 0 for the amounts. Round answers to 0 decimal places e.g. 58,971. Date Account Titles and Explanation Debit Credit (To record the lease.) (To record the first lease payment.) 12/31/17 Question Attempts: 0 of 3 used 2000 2019 by John Wly no. or rolated companios. All ights rosorved