New Tab NWP Assessment Pl... NWP Assessment Pl View Policies Current Attempt in Progress On January 1, 2020, Wildhorse Ltd. which uses ASPE, sold a truck to Sheffield Finance Corp. for $65,000 and immediately leased it back. The truck was carried on Wildhorse's books at $51,000, net of $25,000 of accumulated depreciation. The term of the lease is five years, and title transfers to Wildhorse at lease end. The lease requires five equal rental payments of $18.032, with each payment made at year end. The appropriate rate of interest is 12%, and the truck has a useful life of five years with no salvage value. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1 Prepare Wildhorse's 2020 journal entries including any year-end adjusting entries at December 31, 2020. (Credit account titles are automatically indented when the 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.) Account Titles and Explanation (To record sale of vehicle.) (To record inception of lease.) (To record depreciation expense.) (To record amortization of deferred profit.) (To record lease payment.) Debit Credit