On December 31, 2024, Windsor Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Windsor to make annual payments of $9,353 at the beginning of each year, starting December 31, 2024. The machine has an estimated useful life of 6 years and a $4,800 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Windsor uses the straight-line method of depreciation for all of its plant assets. Windsor's incremental borrowing rate is 9%, and the lessor's implicit rate is unknown. Click here to view factor tables. (a) Your answer is correct. What type of lease is this? (b) This is a/an finance lease. eTextbook and Media List of Accounts Attempts: 1 of 3 used Your answer is correct. 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 answer to O decimal places e.g. 5,275.) Present value of the lease payments $ 39654 (c) Your answer is partially correct. Prepare all necessary journal entries for Windsor for this lease through December 31, 2025. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when 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. Round answers to O decimal places e.g. 5,275.) e Account Titles and Explanation Right-of-Use Asset Lease Liability (To record the lease) Lease Liability Cash (To record first lease payment) Amortization Expense Right-of-Use Asset (To record amortization of the right-of-use asset) Lease Llability Interest Expense cash (To record lease payment) Debit 39653.91 9353 7930.78 4807.86 4545.1371 Credit 39653.91 9353 7930.78 9353