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Exercise 21A-3 a-g Windsor Company leases an automobile with a fair value of $14,845 from John Simon Motors, Inc., on the following terms: 1. Non-cancelable term of 50 months. 2. Rental of $310 per month (at the beginning of each month). (The present value at 0.5% per month is $13,753.) 3. Windsor guarantees a residual value of $1,030 (the present value at 0.5% per month is $803). Delaney expects the probable residual value to be $1,030 at the end of the lease term Estimated economic life of the automobile is 60 months. Windsor's incremental borrowing rate is 6% a year (0.5% a month). Simon's implicit rate is unknown. 4. 5, (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the nature of this lease to Windsor? The nature of this lease is a/an lease What is the present value of the lease payments to determine the lease liability? (Round answer to 0 decimal places, e.g. 5,275.) Present value of the lease payments Based on the original fact pattern, record the lease on Windsor'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 Record the first month's lease payment (at commencement of the lease). (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 Record the second month's lease payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 5,275) Account Titles and Explanation Debit Credit Record the first month's amortization on Windsor'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 Suppose that instead of $1,030, Windsor expects the residual value to be only $500 (the guaranteed amount is still $1,030). How does the calculation of the present value of the lease payments change from part (b)? (Round ansver to 0 decimal places, e.g. 5,275.) PV of lease payments Click if you would like to Show Work for this