On January 1, 2017, Crane Corporation signed a 3-year noncancelable lease for several computers. The terms of the lease called for 3 Crane to make annual payments of $4,400 at the beginning of each year, starting January 1, 2017. The computers have an estimated useful life of 3 years and a $400 unguaranteed residual value. The computers revert back to the lessor at the end of the lease term. Crane uses the straight-line method of depreciation for all of its property, plant, and equipment. Crane's incremental borrowing rate is 11%, and the lessor's implicit rate is unknown. (a) Your answer is correct. Compute the present value of the minimum lease payments. (Round present value factor calculations to 5 decimal places, eg, 1.25124 and the final answer to decimal places eg. 58,971) Present Value 11935 e Textbook and Media List of Accounts Attemnts 1 f 5 und Prepare all necessary journal entries for Crane for this lease through January 1, 2018. (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.) Date Account Titles and Explanation Debit Credit (To record lease) (To record rental payment) (To record deprecation) (To record interest) Jan 1, 2018