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*Exercise 21A-2 a-c On December 31, 2016, Teal Mountain Corporation signed a 5- year, non-cancelable lease for a machine. The terms of the lease called for Teal Mountain to make annual payments of $8,634 at the beginning of each year, starting December 31, 2016. The machine has an estimated useful life of 6 years and a $4,900 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Teal Mountain uses the straight-line method of depreciation for all of its plant assets. Teal Mountain's incremental borrowing rate is 8%, and the lessor's implicit rate is unknown Click here to view the factor table Your nnswer os correct. What type of lease is this? Compute the present value of the lease payments. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final anserto decimal places, e.g. 5,275.) Your anwer ia partily correct. Tay aca Prepare all necessary journal entries for Teal Mountain for this lease through December 31, 2017. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 5,275.) Date Accout Tales and Ebplaratios To recont frst lease poymen) To recont imeret eapense)