NEED F

Larkspur Company leases an automobile with a fair value of $10,858 from John Motors, Inc, on the following terms. 1. Non-cancelable term of 50 months. 2. Rental of $220 per month (at the beginning of each month). (The present value at 0.5% per month is $9.760.) 3. Larkspur guarantees a residual value of $1,120 (the present value at 0.5% per month is $873 ). Larkspur expects the probable residual value to be $1,120 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Larkspur's incremental borrowing rate is 6% a year (0.50\% a month). John's implicit rate is unknown. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor tabl provided.) (a) Your answer is correct. What is the nature of this lease to Larkspur? The nature of this lease is a/an lease. eTextbook and Media List of Accounts Attempts: 1 of 3 used (b) Your answer is correct. What is the present value of the lease payments to determine the lease liability? (Round answer to 0 decimol ploces, es. 5.275.) Present value of the lease payments Based on the original fact pattern, record the lease on Larkspur's books at the date of commencement. (List debit entry before credit entry. Credit occount titles are automatically 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.) eTextbook and Media List of Accounts Attempts: 1 of 3 used (d) Your answer is correct. Record the first monthis lease payment (at commencement of the lease). (List debit entry before credit entry, Credit account titles are automotically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. Round answers to 0 decimal places, es. 5,275 . Record the second month's lease payment. (List all debit entries before credit entries. Credit occount titles are automaticolly indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. Round answers to 0 decimal ploces, eg. 5, 275.) eTextbook and Media List of Accounts Attempts: 1 of 3 used (f) Record the first month's amortization on Larkspur's books (assume straight-line). (List debit entry before credit entry. Credit account titles are automotically indented when amount is entered. Do not indent manually. If no entry is required, select " No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, es. 5,275