Exercise 21-9 (Part Level Submission) The following facts pertain to a noncancelable lease agreement between Teal Leasing Company and Flint Company, a lessee. Inception date: Annual lease payment due at the beginning of May 1, 2017 each year, beginning with May 1, 2017 Bargain-purchase option price at end of lease ternm Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2017 Lessor's implicit rate Lessee's incremental borrowing rate $20,253.44 $4,100 5 years 10 years $64,000 $87,000 10% 10% The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs. Click here to view factor tables E] Your answer is correct. Compute the amount of the lease receivable at the inception of the lease. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and Round answers to 2 decimal places, e.g. 16.25.) Lease receivable at inception se7000 Attempts: 1 of 3 used [y] Your answer is correct. Prepare a lease amortization schedule for Teal Leasing Company for the 5-year lease term. (Round answers to 2 decimal places, e.g. 16.25.) TEAL LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Plus Interest on Lease Recovery of Lease Date BPO Receivable Receivable Lease Receivable 20253.4 253 20253.4 0253 025 357 14937 643 8073 727 700 6747 67 317 823 5/1/20 5/1/21 4/30/22 1801 72 05367.2 $1836 Attempts: 1 of 3 used Prepare the journal entries to reflect the signing of the lease agreement and to record the receipts and income related to this lease for the years 2017, 2018, and 2019. The lessor's accounting period ends on December 31. Reversing entries are not used by Teal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 16.25.) Date Account Titles and Explanatiorn Debit Credit To record the lease.) (To record lease payment. Attempts: 0 of 3 used