gacy Nissan Jewelry Making & C... S Ribs Spice Rub | SI... I Traditional Style HO... G n Return to Blackboard LUS Kieso, Intermediate Accounting, 16e Help | System Announcements TIMER CALCULATOR PRINTER VERSION BACK NEXT + RCES H 21 Question 3 Flounder Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it to Chambers Medical Center for a period of 10 years. The normal selling price of the machine is $441,817, and its guaranteed residual value at the end of the noncancelable lease term is estimated to be $15,200. The hospital will pay rents of $64,500 at the beginning of each year and all maintenance, insurance, and taxes. Flounder Inc. incurred costs of $273,000 in manufacturing the machine and $13,400 in negotiating and closing the lease. Flounder Inc. has determined that the collectibility of the lease payments is reasonably predictable, that there will be no additional costs incurred, and that the implicit interest rate is 10%. Click here to view factor tables (a2) Compute the amount of each of the following items. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) (1) Lease receivable at inception of the lease (2) Sales price (3) Cost of sales Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 1 used