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Marin enters into an agreement with Traveler Inc to lease a car on December 31, 2019. The following information relates to this agreement. 1. The

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Marin enters into an agreement with Traveler Inc to lease a car on December 31, 2019. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal or bargain purchase option. The remaining economic life of the car is 3 years, and it is expected to have no residual value at the end of the lease term. 2. The fair value of the car was $18,780.00 at commencement of the lease. 3. Ancual payments are required to be made on December 31 at the end of each year of the lease beginning December 31. 2020. The first payment is to be of an amount of $6,952.00, with each payment increasing by a constant rate of 5% from the previous payment (i.e. the secord payment will be 57,299,60 and the third and finat payment witt be 57.664,587. 4. Marin incremental borrowing rate is 8%. The rate implicit in the lease is unknown. 5. Marin uses straitht- line depreciation for all similar cars. Prepare Marin' journal entries for 2019, 2020, and 2021. (Credit account titles ore outomatically indented when the amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displaved in the foctor table provided and round final answers to 2 decimal places, es. 5,275.25. Record journal entries in the order presented in the problem.) (To record amortization of the right-of-use asset)

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