Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Marin Company The tosowing intormation relates to this agreement. 1. The tem of the non-cancelable foase is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1,2020 , is $55,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a rosidual value of $5,000, none of which is guaranteed. 4. The agreement requires equal annual rental payments of $17,517 to the lessor, beginning on danuary 1,2020 . 5. The lessee's incrementas borrowing rate is 5%. The lessor's implicit rate is 4% and is uninown to the lessee. 6. Marin uses the straight-line depreciation method for all equipment. Click here to view tactor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) Prepare an amortization schedule that would be suitable for the lessee for the lease term. (found answers to 0 decimal places, e.9. 5,265.) Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round answers to O decimal places, e.g. 5,265.) Prepare ali of the joumal entries for the lessee for 2020 and 2021 to reoord the laase agreement, the lease payments, and all expenses rolated to this lease. Assume the lessee's annual accounting period ends on December 31, (Crmdit account titles are automatically indented when amount is entered. Do not indent manualy. Found answers to 0 docimal places, e.g. 5,265. Record journat entries in the ordor presented in the problem. (To record amortizotion of the right-ofuse asset) (To reverse interest expense) (To record lease payment) (To record interest expense) (To record lease payment) (To record interest expense) (To record amortization of the right-of-use asset) eTextbook and Media List of Accounts Save for Liter Attempts: 0 of 5 used Submit Anawer Laura Leasing Company signs an agreement on January 1. 2020, to lease equipment to Marin Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic Me of 5 years. 2. The fair value of the as5et at January 1, 2020, is $55,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of 55,000 , none of which is guaranteed. 4. The agreement requires equal annual rental payments of $17,517 to the lessor, beginning on danuary 1,2020 . 5. The lessee 's incremental borrowing rate is 5%. The lensof's implicit rate is 4% ard is unknown to the lessee. 6. Marin uses the straight-lene depreciation method for all equipment. Your answor is oorrect, Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Aound answers to 0 decimal piaces, e.g. 5,265 ) Prepare all of the journal entries for the lessee for 2020 and 2021 to record the lease agreerivent, thy lease pryments, and all expenses related to this iease. Assume the lessee's annual accounting period ends on December 31. (Credit account tities are autounaticaliy indentod when amount is entered. Do not indent manually. Round answers fo 0 . decimal places, e.g. 5,265. Aecord journal ontries in the order presented in the problem..] (To record amortization of the right-of-use asset) (To reverse interest expense) (To record lease payment) (To record interest expense) (To record amortization of the right-of-use asset) Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Marin Company The tosowing intormation relates to this agreement. 1. The tem of the non-cancelable foase is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1,2020 , is $55,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a rosidual value of $5,000, none of which is guaranteed. 4. The agreement requires equal annual rental payments of $17,517 to the lessor, beginning on danuary 1,2020 . 5. The lessee's incrementas borrowing rate is 5%. The lessor's implicit rate is 4% and is uninown to the lessee. 6. Marin uses the straight-line depreciation method for all equipment. Click here to view tactor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) Prepare an amortization schedule that would be suitable for the lessee for the lease term. (found answers to 0 decimal places, e.9. 5,265.) Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round answers to O decimal places, e.g. 5,265.) Prepare ali of the joumal entries for the lessee for 2020 and 2021 to reoord the laase agreement, the lease payments, and all expenses rolated to this lease. Assume the lessee's annual accounting period ends on December 31, (Crmdit account titles are automatically indented when amount is entered. Do not indent manualy. Found answers to 0 docimal places, e.g. 5,265. Record journat entries in the ordor presented in the problem. (To record amortizotion of the right-ofuse asset) (To reverse interest expense) (To record lease payment) (To record interest expense) (To record lease payment) (To record interest expense) (To record amortization of the right-of-use asset) eTextbook and Media List of Accounts Save for Liter Attempts: 0 of 5 used Submit Anawer Laura Leasing Company signs an agreement on January 1. 2020, to lease equipment to Marin Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic Me of 5 years. 2. The fair value of the as5et at January 1, 2020, is $55,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of 55,000 , none of which is guaranteed. 4. The agreement requires equal annual rental payments of $17,517 to the lessor, beginning on danuary 1,2020 . 5. The lessee 's incremental borrowing rate is 5%. The lensof's implicit rate is 4% ard is unknown to the lessee. 6. Marin uses the straight-lene depreciation method for all equipment. Your answor is oorrect, Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Aound answers to 0 decimal piaces, e.g. 5,265 ) Prepare all of the journal entries for the lessee for 2020 and 2021 to record the lease agreerivent, thy lease pryments, and all expenses related to this iease. Assume the lessee's annual accounting period ends on December 31. (Credit account tities are autounaticaliy indentod when amount is entered. Do not indent manually. Round answers fo 0 . decimal places, e.g. 5,265. Aecord journal ontries in the order presented in the problem..] (To record amortization of the right-of-use asset) (To reverse interest expense) (To record lease payment) (To record interest expense) (To record amortization of the right-of-use asset)