On December 31, 2024, Tamarisk Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Tamarisk to make annual payments of $7,880 at the beginning of each year, starting December 31,2024 . The machine has an estimated useful life of 6 years and a $5,000 ungraranteed residual value. The machine reverts back to the lessor at the end of the lease term. Tamarisk uses the straight-line method of depreciation for all of its plant assets. Tamarisk's incremental borrowing rate is 5%, and the lessor's implicit rate is unknown. Clickbere to view factor tables: (a) Your anwwer has been saved. See score details after the due date. Compute the present value of the lease payments. (For calculation purposes, use 5 decimal ploces as displayed in the factor tabie provided and round final answer to 0 decimal ploces es. 5,275] Present value of the lease payments Prepare all necessary journal entries for Tamarisk for this lease through December 31, 2025. (List all debit entries before credit entries Recond joumal entries in the order presented in the problem. Credit account titles ore automaticolly indented when amount is entered Do not indent manuolly. If no entry is required, select "No Entry' for the occount titles and enter O for the amounts. Round answers to 0 decimal places es.5,275.) Amortization Expense Right-of-Use Asset (To record amortization of the right-of-use asset) Lease Liability Interest Expense Canh Intereat Expence (To record lease payment)