Exercise 21A-3 a-g Marin Company leases an automobile with a fair value of $21,505 from John Simon Motors, Inc., on the following terms: 1. Non-cancelable term of 50 months. 2.Rental of $450 per month (at the beginning of each month). (The present value at 0.5% per month is $19,964.) . Marin guarantees a residual value of $1,440 (the present value at 0.5% per month is $1,122). Marin expects the probable residual value to be $1,440 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5, Marin's incremental borrowing rate is 6% a year (0.5% a month). Simon's implicit rate is unknown. Click here to view the factor table (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the nature of this lease to Marin? The nature of this lease is a/arn lease. What is the present value of the lease payments to determine the lease liability? (Round answer to O decimal places, e.g. 5,275.) Present value of the lease payments LIST OF ACCOUNTS Based on the original fact pattern, record the lease on Marin's books at the date of commencement. (Credit account titles are automatically indented when amount is entered. Do not indent manually Account Titles and Explanation Credit