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1.76/2 111 Question 4 of 6 View Policies Show Attempt History Current Attempt in Progress Tamarisk Leasing Company signs an agreement on January 1, 2020, to lease equipment to Cole Company. The following information relates to this agreement 1. The term of the non-cancelable lease is 6 years with no renewal option. The equipment has an estimated economic life of 6 years. 2. 3. The cost of the asset to the lessor is $240,000. The fair value of the asset at January 1, 2020, is $240,000. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $24,323, none of which is guaranteed. The agreement requires equal annual rental payments, beginning on January 1, 2020. Collectibility of the lease payments by Tamarisk is probable. 4. 5. Click here to view factor tables. TAMARISK LEASING COMPANY (Lessor) Lease Amortization Schedule Interest on Lease Recovery of Lease Receivable Receivable al Lease Payment Plus URV Lease Receivable $ $ 240000 46117 46117 193883 46117 17450 28667 165216 46117 14869 31248 133968 46117 12057 34060 99908 46117 8992 37125 62783 46117 5651 40466 22317 24323 2006 22317 301025 $ 61025 $ 240000 Prepare all of the journal entries for the lessor for 2020 and 2021 to record the lease agreement, the receipt of lease payments, and the recognition of revenue. Assume the lessor's annual accounting period ends on December 31, and it does not use reversing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 1/1/20 Lease Receivable 240000 Equipment 24000 MINE (To record the lease) 1/1/20 Cash 46117 Lease Receivable 461 (To record the receipt of lease payment) 1/20 Interest Receivable 17450 Interest Revenue 17450 21 Cash 1/21 Interest Receivable 14869 Interest Revenue 14869