Need help on the last part thanks

Flint Leasing Company agrees to lease equipment to Buffalo Corporation on January 1, 2020. The following information relates to the lease agreement. 1. The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years 9 . 2. The cost of the machinery is $569,000, and the fair value of the asset on January 1, 2020, is $682,000. $, , . 3. At the end of the lease term, the asset reverts to the lessor and has a guaranteed residual value of $55,000. Buffalo estimates that the expected residual value at the end of the lease term will be 55,000. Buffalo amortizes all of its leased equipment on a straight-line basis. 4. The lease agreement requires equal annual rental payments, beginning on January 1, 2020. 5. The collectibility of the lease payments is probable . Flint desires a 9% rate of return on its investments. Buffalo's incremental borrowing rate is 10% and the lessor's implicit rate is unknown. 6. ( (Assume the accounting period ends on December 31.) Click here to view factor tables. . (a) Your answer is correct. Discuss the nature of this lease for both the lessee and the lessor. . This is a finance lease for Buffalo. This is a sales-type lease sales-type lease for Flint . e Textbook and Media List of Accounts Attempts: 1 of 5 used : 1 (b) Your answer is correct. Calculate the amount of the annual rental payment required. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to decimal places eg. 58,972.) Annual rental payment $ 118,834 e Textbook and Media List of Accounts Attempts: 1 of 5 used (c) Your answer is correct. Compute the value of the lease liability to the lessee (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to decimal places eg. 58,972.) Present value of minimum lease payments $ 636,387 eTextbook and Media List of Accounts (d) Your answer is correct. Prepare the journal entries Buffalo would make in 2020 and 2021 related to the lease arrangement. (Credit account 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 for the amounts. Round answers to decimal places e.g. 58,972. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 1/1/20 Right-of-Use Asset 636,387 Lease Liability 636 (To record the lease.) Lease Llability 118,834 Cash 118 (To record lease payment.) 12/31/20 Amortization Expense 90.912 Right-of-Use Asset 90 (To record amortization.) Interest Expense 51.755 Lease Liability 51 (To record interest.) 1/1/21 Lease Llability 118,834 Cash 118 12/31/21 Amortization Expense 90,912 Right-of-Use Asset 90 (To record amortization.) Interest Expense 45,047 Lease Llability (To record interest.) eTextbook and Media List of Accounts Attempts: 2 of 5 used (d) Your answer is correct Prepare the journal entries Buffalo would make in 2020 and 2021 related to the lease arrangement. (Credit account 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 for the amounts. Round answers to decimal places e.g. 58,972. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 20 Right-of-Use Asset 636,387 Lease Liability 636,387 (To record the lease.) Lease Llability 118,834 Cash 118,834 (To record lease payment.) 31/20 Amortization Expense 90,912 Right-of-Use Asset 90,912 (To record amortization.) Interest Expense 51,755 Lezse Llabilley 51,755 (To record interest.) Lease Liability 118,834 Cash 118,834 31/21 V Amortization Expense 90.912 Right-of-Use Asset 90,912 (To record amortization.) Interest Expense 45,047 Lease Liability 45,047 (To record interest.) (e) Your answer is partially correct. Prepare the journal entries Flint would make in 2020 and 2021 related to the lease arrangement. (Credit account 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 for the amounts. Round answers to decimal places eg. 58,972. Record journal entries in the order presented in the problem.) ate Account Titles and Explanation Debit Credit Lease Recevable 682,000 Cost of Goods Sold 569,000 Sales Revenue 682,000 Inventory 569.000 (To record the lease.) Cash 118,834 Lease Receivable 118,834 (To record lease payment.) Lease Recevable 50,685 Interest Revenue 50,685 Cash 118,834 Lease Receivable 118,834 Lease Recevable 44,044 Interest Revenue 44,044