Marin Company leases an automobile with a fair value of $11,693 from Robert Motors, inc, on the following terms. 1. Non-cancelable term of 50 months. 2. Rental of $230 per month (at the beginning of each month). (The present value at 0.5% per month is $10,204.) 3. Marin guarantees a residual value of $1,600 (the present value at 0,596 per month is $1.247 ). Marin expects the probable residual value to be $1,600 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Marin'sincremental borrowing rate is 6% a year (0.50% a month). Robere's implicit rate is unknown. Record the first month's lease payment (at commencement of the lease). (List debit entry before credit entry, Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, eg. 5,275.)