LLLLLLS CALCUL s Prepare the journal entries that Crane should make in 2017. (Credit account titles are automatically indented when amoun Round answers to o decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation x 1/1/17 (To record the lease) 1/1/17 (To record lease liablity) x 12/31/17 lidt SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT CALCULATOR Exercise 21A-17 a-c On January 1, 2017, Larkspur Co. leased a building to Crane Inc. The relevant information related to the lease is as follows. 1. The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $3,900,000 (ungu 2. The leased building has a cost of $4,400,000 and was purchased for cash on January 1, 2017. 3. The building is depreciated on a straight-line basis. Its estimated economic life is 50 years with no salvage value. Lease payments are $260,000 per year and are made at the beginning of the year. Crane has an incremental borrowing rate of 5%, and the rate implicit in the lease is unknown to Crane. Both the lessor and the lessee are on a calendar-year basis. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) 4. 5. 6