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Splish Brothers Company leases an automobile with a fair value of $18,767 from John Simon Motors, Inc., on the following terms: 1. Non-cancelable term of 50 months. 2. 3. Rental of $390 per month (at the beginning of each month). (The present value at 0.5% per month is $17,302.) Splish Brothers guarantees a residual value of $1,410 (the present value at 0.5% per month is $1,099). Splish Brothers expects the probable residual value to be $1,410 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Splish Brothers's incremental borrowing rate is 6% a year (0.5% a month). Simon's implicit rate is unknown. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) Your answer is correct. What is the nature of this lease to Splish Brothers? The nature of this lease is a/an finance lease. Your answer is correct. What is the present value of the lease payments to determine the lease liability? (Round answer to 0 decimal places, eg. 5,275.) Present value of the lease payments $ 17302 e Textbook and Media List of Accounts Attempts: 1 of 10 used (c) Your answer is correct. Based on the original fact pattern, record the lease on Splish Brothers's books at the date of commencement. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Right-of-Use Asset 17302 Lease Liability 17302 Account Titles and Explanation Debit Credit Lease Liability 390 Cash 390 e Textbook and Media List of Accounts Attempts: 2 of 10 used (e) Your answer is correct. Record the second month's lease payment (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Interest Expense 86 Lease Liability 304 Cash 390 Record the first month's amortization on Splish Brothers's books (assume straight-line). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.25.) Account Titles and Explanation Debit Credit Depreciation Expense 390 Accumulated Depreciation-Right-of-Use Asset 390