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Finish these entries please Page 23. On December 31, Omega entered into a long-term lease agreement with Supreme Servers. Terms called for six annual payments

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Page 23. On December 31, Omega entered into a long-term lease agreement with Supreme Servers. Terms called for six annual payments of $50,000 with the first payment due today. Omega also guarantees a minimum residual value of $50,000,at the end of the lease term. The expected fair value at the end of the term is $30,000 Leases of this type call for the recognition of a Leased Asset and Lease Obligation each equal to the present value of all future.cash flows (including any guaranteed residual value THAT IS EXPECTED TO BE PAID) The stated interest rate for this lease is 7% 24. The pension actuary has provided the following information / journal entry for this years pension activity Pension Expense OCI- Gain/Loss Pension Asset 45,000 $ 2,000 $ 3,000 Cash $ 50,000

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