Information Continued from previous Question On January 1, 2022. XYZ Lesseeleased equipment from Stanley Inc. Lessor, signing an Operating Lease with the following terms . Both the cost and the fair value of the asset for Stanley Inc. Lessor is $360,000 Lease specified annual payments of 560,273 beginning January 1, 2002, and on cach January thereafter through 2020. The year term ends on cam 2025 These expected residual value at the end of the late term (4 years) is $175.000, unguaranteed by the Less . The expected useful life of the equipment is 7 years, and there is no expected residual value at the end of its useful There is no purchase option, and the equipment revets back to the Lassor at the end of the 4-year period The implicitrate on the leme is 6%, and XYZ Less is aware of that rate Anaume Straight Line Depreciation is used on the Right of Use Asset Present Value factors are the following: PV of 51 PV of Annuity Due ne4 18% 79209 3.67301 71-8% BOSOS 5.91732 Al December 31, 2022 end of the first year, Stanley Inc. Lessors Joumat.entry would include a O a. Credit to Uneared Revenue for $60,273 O b. Credit to Lease Revenue for $60,273 c Debit to Lease Receivable for 59,667 Od Credit to Interest Revenue $17.984 Oe. Debit to Lease Receivable for $60,273