Exercise 21A-17 a-c On lanuary 1, 2017, Nelson Co. loaed To rernd recelpt of lease nament Co. laszed a building to Wise Inc. The relevant informatian related to the leace is as follows. 1 /31/ The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease ot $3,500,000 unguaranteed 2 The leased building has a cost of $4,000,000 and was purchased for cash on January 1, 2017 3 The building is depreciated onstraight-line ba t eimated economic life is 5U years with nu salvage value. To rernd the reccgnition of the reverue each penad) 4 Lease payments are $275,000 per year and are made at the beginning of the year, 5 wise has n inuremental borrwing rate of 8%, and th rate implicit in the lease is unknown tu Wise. 6 Roth the lessor and the lastea an on a calendar-year basis. (To rernd daa asset) expense on tha leased Prapara tha jnurnal entries that Nelson should maka In 2017, Date Account Titles and Explanation Debit Credit 1f wise paid s30,000 to a rnal estata hrnker on 1anuary 1, 7017, as tha right-of-usa asset? fea for finding the lacsnr, what is the initial measurement of To record cust of the buildinu) asset