Exercise 21A-6a-b Splish Brothers Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Sunland Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement 1. Sunland has the option to purchase the equipment for $24,000 upon termination of the lease. It is not reasonably certain that Sunland will exercise this option. 2. The equipment has a cost of $280,000 and fair value of $330,500 to Splish Brothers Leasing. The useful economic Ife is 2 years, with a residual value of $24,000. 3. Spish Brothers Leasing desires to earn a return of 5% on its investment. 4. Collectibility of the payments by Splish Brothers Leasing is probable. Prepare the journal entries on the books of Splish Brothers Leasing to reflect the payments received under the lease and to recognize income for the years 2017 and 2018.(Credit accouns titles are automatically Indented when amount is entered. Do not indent manually, For calculation purposes, use 5 decimal places as displayed in the factor table provides and round final answers to O decimal places, e.g. $,275.) Date Account Titles and Explanation Debit Credit Lease Receivable 330500 Cost of Goods Sold 58231 Sales Revenue 0873 Inventory 280000 12/31/17 Cash