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What is the present value of the lease payments to determine the lease liability? (Round answer to 0 decimal ploces, eg. 5,275 .) Present value of the lease payments List of Accounts Attempts: 1 of 3 used Record the first month's lease payment (at commencement of the lease). (List debit entry before credit entry, Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the decount tittes and enter 0 for the amounts. Round answers to 0 decimal places, e.s. 5, 275.) Record the second month's lease payment. (List all debit entries before credit entries. Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Based on the original fact pattern, record the lease on Skysong's books at the date of commencement. (List debit entry betore credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) What is the nature of this lease to Skysong? The nature of this lease is a/an loase. eTextbook and Media Record the first month's amortization on Skysong's books (assume straight-line). (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, es. 5, 275.) Suppose that instead of $1.700, Skysong expects the residual value to be only $500 (the guaranteed amount is still $1,700 ). How does the calculation of the present value of the lease payments change from part (b)? (Round answer to 0 decimal phoces, es 5.275.) PV of lease payments Current Attempt in Progress Skysong Company leases an automobile with a fair value of $13.584 from Richard Motors, inc, on the following terms. 1. Non-cancelable term of 50 months. 2. Rental of $270 per month (at the beginning of each month). (The present value at 0.5% per month is $11.978.) 3. Skysong guarantees a residual value of $1,700 (the present value at 0.5% per month is $1.325 ). Skysong expects the probable residual value to be $1,700 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Skysong's incremental borrowing rate is 6% a year ( 0.50% a month). Richard'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.)