Just need answers to the blank questions for part B.

Can't find value of Present Value of Annuity Due at 1 for 7% n=3.

So I averaged 6% (2.83339) and 8% (2.78326) and got 2.80833

Took 300000 * 2.80833 = 842499

I can figure out that last journal entry if I can get this first number correct for the first journal entry. Thanks in advance.

On January 1, 2020, a machine was purchased for $1,120,000 by Larkspur Co. The machine is expected to have an 8-year life with no salvage value. It is to be depreciated on a straight-line basis. The machine was leased to Crane Inc.for 3 years on January 1, 2020, with annual rent payments of $300,000 duc at the beginning of each year, starting January 1, 2020. The machine is expected to have a residual value at the end of the case term of $562500, though this amount is unguaranteed Click here to view factor tables (For calculation purposes, use 5 decimal procesos displayed in the factor table provided.) Your answer is correct. How much should Larkspur report as income before income tax on this case for 2020? Income before income tax $ 160000 e Textbook and Media List of Accounts Your answer is partially correct Record the journal entries Crane would record for 2020 on this lease, assuming Its Incremental borrowing rate is 7% and the rate implicit in the lease is unknown. Credit account tities are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places eg. 5.275. Record journal entries in the order presented in the problem Debit Credit Date (1/1/20 1/1/20 Account Titles and Explanation Right-of-Use Asset Lease Llability To record the lease) Lease Liability | Cash (To record lease payment) Lease Expense Right-of-use Asset 300000 12/31/20 300000 Lease Liability