List of Accounts Accounts Payable Accumulated Depreciation Buildings Accumulated Depreciation Leased Buildings Accumulated Depreciation Capital Leases Accumulated Depreciation Equipment Accumulated Depreciation Leased Equipment Accumulated Depreciation Leased Machinery Accumulated Depreciation Machinery Accumulated Depreciation Right of Use Asset Advertising Expense Amortization Expense Airplanes Buildings Cash Cost of Goods Sold Deferred Gross Profit Deposit Liability Depreciation Expense Equipment Executory Costs Executory Costs Payable Gain on Disposal of Equipment Gain on Disposal of Plant Assets Gain on Lease Gain on Sale of Buildings Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Leased Asset Leased Buildings Leased Equipment Lease Expense Leased Land Lease Liability Lease Receivable Lease Revenue Legal Expense Loss on Capital Lease Machinery Maintenance and Repairs Expense Notes Payable Prepaid Lease Executory Costs Prepaid Legal Fees Property Tax Expense Property Tax Payable Rent Expense Rent Payable Rent Receivable Rent Revenue Revenue from Sale Leaseback Right of Use Asset Salaries and Wages Expense Sales Revenue Selling Expenses Trucks Unearned Profit on Sale Leaseback Unearned Lease Revenue Unearned Service Revenue On December 31, 2019, Tamarisk Corporation signed a 5 year, non cancelable lease for a machine The terms of the lease called for Tamarisk to make annual payments of $8,978 at the beginning of each year of the lease, starting December 31,2019 The machine has an estimated useful life of 6 years and a $5,200 unguaranteed residual value The machine reverts back to the lessor at the end of the lease term Tamarisk uses the straight line method of depreciation for all of its plant assets Tamarisk's incremental borrowing rate is 11 , and the lessor's implicit rate is unknown Click here to view factor tables Compute the present value of the lease payments (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places e g 5,275 ) Present value of the lease payments eTextbook and Media Prepare all necessary journal entries for Tamarisk for this lease through December 31, 2020 (Record journal entries in the order presented in the problem Credit account titles are automatically indented when amount is entered Do not indent manually Round answers to 0 decimal places eg 5,275 )

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List of Accounts Accounts Payable Accumulated Depreciation-Buildings Accumulated Depreciation-Leased Buildings Accumulated Depreciation-Capital Leases Accumulated Depreciation-Equipment Accumulated Depreciation-Leased Equipment Accumulated Depreciation-Leased Machinery Accumulated Depreciation-Machinery Accumulated Depreciation-Right-of-Use

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List of Accounts

Accounts Payable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Leased Buildings
Accumulated Depreciation-Capital Leases
Accumulated Depreciation-Equipment
Accumulated Depreciation-Leased Equipment
Accumulated Depreciation-Leased Machinery
Accumulated Depreciation-Machinery
Accumulated Depreciation-Right-of-Use Asset
Advertising Expense
Amortization Expense
Airplanes
Buildings
Cash
Cost of Goods Sold
Deferred Gross Profit
Deposit Liability
Depreciation Expense
Equipment
Executory Costs
Executory Costs Payable
Gain on Disposal of Equipment
Gain on Disposal of Plant Assets
Gain on Lease
Gain on Sale of Buildings
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Leased Asset
Leased Buildings
Leased Equipment
Lease Expense
Leased Land
Lease Liability
Lease Receivable
Lease Revenue
Legal Expense
Loss on Capital Lease
Machinery
Maintenance and Repairs Expense
Notes Payable
Prepaid Lease Executory Costs
Prepaid Legal Fees
Property Tax Expense
Property Tax Payable
Rent Expense
Rent Payable
Rent Receivable
Rent Revenue
Revenue from Sale-Leaseback
Right-of-Use Asset
Salaries and Wages Expense
Sales Revenue
Selling Expenses
Trucks
Unearned Profit on Sale-Leaseback
Unearned Lease Revenue
Unearned Service Revenue

On December 31, 2019, Tamarisk Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Tamarisk to make annual payments of $8,978 at the beginning of each year of the lease, starting December 31,2019 . The machine has an estimated useful life of 6 years and a $5,200 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Tamarisk uses the straight-line method of depreciation for all of its plant assets. Tamarisk's incremental borrowing rate is 11\%, and the lessor's implicit rate is unknown. Click here to view factor tables. Compute the present value of the lease payments. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places e.g. 5,275.) Present value of the lease payments eTextbook and Media Prepare all necessary journal entries for Tamarisk for this lease through December 31, 2020. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places eg. 5,275.)