On December 31, 2024, 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 $8,200 at the beginning of each year, starting December 31,2024 . The machine has an estimated useful life of 6 years and a $5,500 unguaranteed residual value. The machine reverts back to the lessar at the end of the lease term. Teal Mauntain uses the straight-line method of depreciation for all of its plant assets. Teal Mountain's incremental borrowing rate is 11%, and the lessar's implicit rate is unknown. What type of lease is this? This is a/an lease. Compute the present value of the lease payments. (For calculation purposes, use 5 decimal plocer as displayed in the factor table provided and round final answer to 0 decimal places eg. 5,275. Present value of the lease payments \$ Prepare all necessary journal entries for Teal Mountain for this lease through December 31, 2025. (List al debit entries before credit entries. Record joumal entries in the order presented in the problem. Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts Round answers to 0 decimal places eg. 5,275