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The following facts pertain to a non-cancelable lease agreement between Sheridan Leasing Company and Skysong Company, a lessee Commencement date May 1, 2020 Annual lease payment due at the beginning of each year, beginning with May 1, 2020 $17.865.02 Bargain purchase option price at end of lease term $7,000 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $65.000 Fair value of asset at May 1, 2020 $85.000 Lessor's implicit rate 69 Lessee's incremental borrowing rate 6 36 The collectibility of the lease payments by Sheridan is probable. Click here to view factor tabtes. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Your answer is correct Discuss the nature of this lease to Skysong. The nature of this lease to Skysong is a finisice V lease e Textbook and Media List of Accounts Attempts: 1 of 10 used Vans es correct Discuss the nature of his lease to Sheridan, The nature of this case to Sheridan sa sales NI Base Your answer is correct Prepare a lease amortization schedule for Skysong for the 5-year lease term. (Round answers to 2 decimal places, eg 5,2754150) SKYSONG COMPANY (Lessee) Lease Amortization Schedule Annual Lease Payment Plus BPO Interest on Liability Reduction of Lease Liability Date 571/20 $ $ 5 $ 5/120 17865102 17865.02 5/1/21 17865.02 028.10 13836.92 5/1/22 17865.02 3197.88 14667.14 5/1/23 17885.02 2317.85 15547.16 5/1/24 1385.03 16479.99 4/30/25 660376 s 96325.10 $ 11625.10 S 85000 Your answer is partially correct. Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2020 and 2021 Skysong's annual accounting period ends on December 31. Reversing entries are used by Skysong. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.15. Record Journal entries in the order presented in the problemi) ite Account Titles and Explanation Debit Credit Leased Equipment 85000 Lease Llability 25000 (To record the lease) Lease Liability 17865.02 Cash 1785502 (To record the first lease payment) interest Expense 2685.40 Interest Payable 2685:40 (To record interest expense) Depredadon Experte 5656.67 Accumulated Depreclatlon Capital Lease 5666.67 (To record amortization of the right-of-use asset) treerest Payable 2005.40 HIIDILIDIDO Tereta pense 2685.40 Titerest Expense 4028210 Lease Liability 43535.92 1786.OD Interest Expense 319 Interest Parcble (To record terest expense) Gegenten Ergence Alated depredoton Capital care