Larkspur Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2017. The lease is for an 8-year period and requires equal annual payments of $32,912 at the beginning of each year. The first payment is received on January 1, 2017. Larkspur had purchased the machine during 2016 for $152,000. Collectibility of lease payments is reasonably predictable, and no important uncertainties surround the amount of costs yet to be incurred by Larkspur. Larkspur set the annual rental to ensure an 11% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Larkspur at the termination of the lease.

= Fall 2019, ACCT 3620 Assignments Chapter 21 HW Assignment Chapter 21 HW Assignment Home eTectbook Send to Gradebook Modules Grades Question 6 Wiley Accounting Weekly Updates View Policies Current Attempt in Progress Discussions Conferences Larisspur Company, a machinery dealer, leased a machine to Decter Corporation on January 1, 2017. The lease is for an B-year period and requires equal annual payments of $32,912 at the beginning of each year. The first payment is received on January 1, 2017. Larkspur had purchased the machine during 2016 for $152,000. Collectibility of lease payments is reasonably predictable, and no important uncertainties surround the amount of costs yet to be incurred by Larlospur. Larkspur set the annual rental to ensure an 1196 rats of return. The machine has an economic life of 10 years with no residual value and reverts to Larispur at the termination of the lease Collaborations WileyPLUS Support Click here to view factor tables Compute the amount of the lease receivable. (Round present value factor calculations to 5 decimal places, eg. 125124 and the final answer to decimal places eg. 58,971.) The amount of the Isase receivables e Textbook and Media List of Accounts Prepare all necessary journal entries for Larkspur for 2017. (Credit account tities 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 for the amounts. Round answers to decimal places eg. 58,971.) Date Account Titles and Explanation Debit Credit 1/1/17 (To record the lease.) (To record the first lease payment.) 12/31/17 e Textbook and Media List of Accounts Attempts:0 of 3 used Seve for Let Submit Answer Send to Gradebook