mall Search mail : 1 of 3,324 ACCT 103A - W2021 Exam #1 - Part 2 (Short Answer) Chapters 11,12,15 Short Answer Total Marks /59 Multiple Choice Total Marks/20 #4) On January 1, 2021, Tropical Cruises Inc. signed a six-year capital lease on furniture for their cruise ship. The lease requires annual lease payments of $6,300, with the first payment due immediately. Annual lease payments are made each January 1. The present value of the five future lease payments at 8% interest per year is $25,154.07. The furniture is expected to have a 10 year life. The lease contains an option for the lessee to purchase the furniture for Sl at the end of the lease Required: Record the following journal entries for Tropical Cruises Inc (explanations are not required): (15 marks) a) The signing of the lease and the puyment of the first annual tease payment 2121 Type here to search Gmail a Search mail + b 1 of 3,324 b) Annual amortization on the leased asset (using the straight-line amortization method) at December 31, 2021 c) The interest accrual on the capital lease at December 31, 2021 d Type here to search Ghall Search mail 1 i d) The second lease payment on January 1, 2022 llo a x N acer Type here to search