On December 31, 2018, Yard Art Landscaping leased a delivery truck from Branch Motors. Branch paid $38,000 for the truck. Its retail value is $58,093. The lease agreement specified annual payments of $17,000 beginning December 31, 2018, the beginning of the lease, and at each December 31 through 2021. Branch Motors interest rate for determining payments was 11%. At the end of the four-year lease term (December 31, 2022) the truck was expected to be worth $15,000. The estimated useful life of the truck is five years with no salvage value. Both companies use straight-line amortization or depreciation. Yard Art guaranteed a residual value of $4,000. Yard Arts incremental borrowing rate is 10% and is unaware of Branchs implicit rate. A $3,000 per year maintenance agreement was arranged for the truck with an outside service firm. As an expedient, Branch Motors agreed to pay this fee. It is, however, reflected in the $17,000 lease payments. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Fill in the blank

b)

c) Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar.)

Record the lease for Yard Art. Dec,31. 2018

Record the lease payment for Yard Art. Dec 31,2018

Record the lease for Branch Motors. Dec 31,2018

Record cash received by Branch Motors. Dec 31,2018

d)

f)

g) Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar.)

Record the maintenance expense for Yard Art. Dec 31,2019

Record the lease payment for Yard Art. Dec 31,2019

Record the depreciation expense for Yard Art. Dec 31,2019

Record the cash received on lease by Branch Motors. Dec 31,2019

h) Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2021 (the final lease payment). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar.)

Record the maintenance expense for Yard Art. Dec 31,2021

Record the lease payment for Yard Art. Dec 31,2021

Record the amortization expense for Yard Art. Dec 31,2021

Record the cash received on lease by Branch Motors. Dec 31,2021

i) Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2022 (the end of the lease term), assuming the truck is returned to the lessor and the actual residual value of the truck was $2,000 on that date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar.)

Record the maintenance expense for Yard Art. Dec 31,2022

Record the depreciation expense for Yard Art. Dec 31.2022

Record the last payment on lease for Yard Art. Dec 31.2022

Record the last cash receipt on lease and settlement of lease by Branch Motors. Dec 31.2022

Show how Branch Motors calculated the $17,000 annual lease payments. (Round your intermediate and final answers to nearest whole dollar.) Lessor's calculation of lease payments ount to be recovered (fair value ess: Present value of the residual value resent value of the residual value Lease payments at the beginning of each of the next four years dd: Maintenance costs ase payments including Maintenance costs