I cannot find the present value of 1 for 3 periods at 7% .

Bramble Corporation leased equipment to Mann, Inc. on January 1, 2017. The lease agreement called for nnual rental payments of $1,236 at the beginning of each year of the 3-year lease. The equipment has an economic useful life o years, a fair value of10,100, a book value of8,100, and Bramble expects a residual value of7,600 at the end of the lease term. Bramble set the lease payments with the intent of earning a 5% return, though Marin is unaware of the rate implicit in the lasc and has an incremcntal borrowing rate of 7%, There is no bargain purchase option, ownership of the lease docs not transfer at the cnd of the lcase term, and the asset is not of a specialized nature (For calculation purposes, use 5 decimal places as displayed In the factor table provided.) Your answer is correct. Determine the nature of the lease to both Bramble and Marin The lease is a/an operating ease to Marin. The lease is a/an ease to Bramble ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT TO TEXT Your answer is partially correct. Try again Prepare all necessary journal entries for Marin in 2017. (Credif account tities are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimai places, e.g. 5,275.) Date Account Tides and Explanation Debit Credit 11/17 Right-of-Use Asset Lease Liability (To rocord the lease) 3471 3471 1/1/1 Lease Liability 1,236 Cash 1,236 (To moord loase liablity) 12/31117 Lease Expense Lease Liability Right-of-Use Asset Bramble Corporation leased equipment to Mann, Inc. on January 1, 2017. The lease agreement called for nnual rental payments of $1,236 at the beginning of each year of the 3-year lease. The equipment has an economic useful life o years, a fair value of10,100, a book value of8,100, and Bramble expects a residual value of7,600 at the end of the lease term. Bramble set the lease payments with the intent of earning a 5% return, though Marin is unaware of the rate implicit in the lasc and has an incremcntal borrowing rate of 7%, There is no bargain purchase option, ownership of the lease docs not transfer at the cnd of the lcase term, and the asset is not of a specialized nature (For calculation purposes, use 5 decimal places as displayed In the factor table provided.) Your answer is correct. Determine the nature of the lease to both Bramble and Marin The lease is a/an operating ease to Marin. The lease is a/an ease to Bramble ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT TO TEXT Your answer is partially correct. Try again Prepare all necessary journal entries for Marin in 2017. (Credif account tities are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimai places, e.g. 5,275.) Date Account Tides and Explanation Debit Credit 11/17 Right-of-Use Asset Lease Liability (To rocord the lease) 3471 3471 1/1/1 Lease Liability 1,236 Cash 1,236 (To moord loase liablity) 12/31117 Lease Expense Lease Liability Right-of-Use Asset