INTERMEDIATE ACCOUNTING (ACCT 329/3 Assignment Gradebook ORION Downloadable eTextbook ent CALCULA TOR FULL SCREEN PRINTER VERSON 'BACK Exercise 21A-7 b-e Macinski Leasing Company leases a new machine to Sharrer Corporation. The machine has a cost of $70,000 and fair value orssoo. under the heaonsolepe contract, Sharrer will receive title to the machine at the end of the lease. The machine has a 3-year useful life and no residual value. The lease was s 2017. Macinsk expects to earn an 8% return on its investment, and this implicit December 31, 2017. rate is known by Sharrer. The annual rentals are payable on each December 31, beginning Click here to view the factor table. an amortization schedule that would be suitable for both the lessor and the lessee and that covers all the years involved. decimal places as displayed in the factor table provided and round final answers to 0 decimal (For calculation purposes, use 5 I places eg. 5,275.) Rent Recelpt/ Payment Interest Revenue/ Expense Reduction of Principal Receivable/ Liability $95,000 Date 12/31/17 12/31/18 12/31/19 36,863.14 36,863.14 36,863.14 7600 5,258.95 2,730.61 29263.14 31604.19 34,132.67 34,132.67 LINK TO automatically indented when amount is entered. Do not indent Prepare the journal entry at commencement of the lease for Macinski. (Credit account titles are