Help Save & Exit Submit Rumsfeld Corporation leased a machine on December 31, 2018, for a three-year period. The lease agreement calls for annual payments in the amount of $15,500 on December 31 of each year beginning on December 31, 2018. Rumsfeld has the option to purchase the machine on December 31, 2021, for $19,500 when its fair value is expected to be $29,500. The machine's estimated useful life is expected to be four years with no residual value. The appropriate interest rate for this lease is 10% n/ 1 period, 100 2 periods. 105 3 periods. 104 PV, ordinary annuity -90909 .82645 1.73554 .25131 2.48685 P. annuity due 1.00000 1.90909 2.73554 Required: 1. Calculate the amount to be recorded as a right-of-use asset and the associated lease payable. 2. Prepare Rumsfeld's journal entries for this lease for 2018 and 2019. Complete this question by entering your answers in the tabs below. Required i Required 2 Prepare Rumsfeld's journal entries for this lease for 2018 and 2019. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to the nearest whole dollar amounts.) View transaction lit Frpur USILIU Juru TIJ TUI LIU ILUOLIUI AVAU VIL LAW FIT Yuc entry required" in the first account field. Round your answers to the nearest whole dollar ar View transaction list X 1 Record the lease. 2 2 Record the cash payment. 3 Record the cash payment. 4 Record the amortization expense. Credit Note : = journal entry has been entered Record entry Clear entry View general Journal Saved useful life is expected to be four years with no residual value. The appropriate interest rate for this lease is 1 n/i 1 period, 100 2 periods, 100 3 periode, 108 PV of $1 .90909 .82645 .75131 PV, ordinary annuity .90909 1.73554 2.48685 PV, annuity due 1.00000 1.90909 2.73554 Required: 1. Calculate the amount to be recorded as a right-of-use asset and the associated lease payable. 2. Prepare Rumsfeld's journal entries for this lease for 2018 and 2019. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the amount to be recorded as a right-of-use asset and the associated lease payable. (Round your answ nearest whole dollar amounts.) Right-of-use asset Required 2 >