Exercise 21A-8 a-d Carla Vista 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 $31,751 at the beginning of each year. The first payment is received on January 1 2017. Carla Vista had purchased the machine during 2016 for $118 000 Collectibility of lease payments by Car a ista is probable Cara vita set the annual enta to ensure a 6 %, rate of return. The machine has an economic life of 10 years with no residual value and reverts to Carla Vista at the termination of the lease. Your answer is incorrect. Try again. Compute the amount of the lease receivable. For calculation purposes use 5 decimal places as displayed in the factor table provided and round fina answer to O decimal p aces e g 5 21 ,275.) Amount of the lease receivable 254008 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again Prepare all necessary journal entries for Carla Vista for 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 5,275.) Date Account Titles and Explanation Debit Credit 1/1/17 Lease Receivable Cost of Goods Sold Inventory Lease Revenue (To record the lease) 31751 Lease Receivable 31751 To record the first lease payment) 12/31/17 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is incorrect. Try again. Suppose the collectibility of the lease payments was not probable for Carla Vista. Prepare the necessary journal entry for the company in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Date Account Titles and Explanation Debit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is incorrect. Try again. Suppose at the end of the lease term, Carla Vista receives the asset and determines that it actually has a fair value of $1,350 instead of the anticipated residual value of $0. Record the entry to recognize the receipt of the asset for Carla Vista at the end of the lease term. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 5,275.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT