IVarhoe Company a machinery dealec leased machine to Dezter Corporation on January 1, 2020. The ieaye is for an 8 year period and reouiret equal annual payments of $29,321 at the begining of exch yeat, Ihe first pyynsent is received on January 1.2020. tvahhoe had parchared the machine dur ing 2019 for $125000. Coliect bility of iease payments by lyanhoe is probable, Ivanhoe set the annual rental to ensure a 6% rate of retuen. the eruchine has an cocomic lie of 10 yelars with no residual value and reverts to Wanhoe at the termination of the lease. Click here to viewfactor mables. Compute the anount of the leme receivable. IFor calculation purposes wse 5 decimol plsces ar disployed in the factar table provided and round final ansver to O decimal places es 5,275. Amgunt of the leste recelvable 5 Oo not indent marwally hound a miven to o decknal ploten nj 5,275 ) Suppose at the end of the lease term, tvanhoe receives the asset and determines that it actually has a fair value of $1.160 instead of the anticipated residual value of $0 Record the entry to recognize the recoipt of the asset for lvanhoe at the end of the lease term. [Credit account titles are outomatically indented when amount is entered Do not indent monually. Round answers to 0 decimal ploces ese 5,275