Exercise 21-6 Marin 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 $33,910 at the beginning of each year. The first payment is received on January 1, 2017. Marin had purchased the machine during 2016 for $162,000. Collectibility of lease payments is reasonably predictable, and no important uncertainties surround the amount of costs yet to be incurred by Marin. Marin set the annual rental to ensure an 10% rate of return The machine has an economic life of 10 years with no residual value and reverts to Marin at the termination of the lease lick here to view factor tables Your answer is incorrect. Try again 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 0 decimal places e.g. 58,971.) The amount of the lease receivable X Your answer is incorrect. Try again Prepare all necessary journal entries for Marin 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 O for the amounts. Round answers to 0 decimal places e.g. 58,971.) Debit Date Account Titles and Explanation Credit To record the lease.) To record the first lease payment.) 12/31/17