On January 1, 2018, Bently Works leased a piece of machinery from Gomez Machinery. The lease is a(n) 12 year, non-cancellable lease that require annual lease payments of $12,000 due at the beginning of each year. The lease has been determined to be a capital lease because at least one of t classification criteria has been met. Gomez Machinery needs to determine the present value of the inception of the lease. Gomez Machinery's imp rate of 8% is known to Bently Works. Complete the following from the perspective of Gomez Machinery. Which of the following financial statement items is impacted in this transaction? Leases Receivable The problem is solving for: Present Value The calculation involves: An Annuity Due Amount Keystroke BGN Step 1: 8 Step 2: 12 N Step 3: 12000 +/- PMT Step 4: PV Date of Delivery Accounts Debit Credit Record the lease receivable at inception. lease receivable 97668 sales net 97668 Record the annual lease receipts. cash 12000 lease receivable 12000