Marin Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Cullumber Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. 2. 3. 4. Cullumber has the option to purchase the equipment for 21,500 upon termination of the lease. It is not reasonably certain that Cullum ber will exercise this option. The equipment has a cost of S230,000 and fair value of $277,500 to Marin Leasing. The useful economic life is 2 years, with a residual value of21,500. Marin Leasing desires to earn a return of 5% on its investment. Collectibility of the payments by Marin Leasing is probable Click here to view the factor table Prepare the journal entries on the books of Marin Leasing to reflect the payments received under the lease and to recognize income for the years 2017 and 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit lick if you would like to Show Work for this question: Open Show Work Attempts: 0 of 3 used SAVE FORTER SUBMIT ANSWER SUBMIT