On January 2, 2017 Sheridan Company leases a machine with a fair value of $36,000 from Snead inc., on the following terms:

* condamnary 2, 2017 Nash Compe G how to calculate prinesel * + aus.com/courses/37313/assignments/3958950?module_item_id=12617759 Tue, Apr 28, 2020, 12:14:47 PM (America/New York-04:00) B NP Question 4 View Policies Show Attempt History Current Attempt in Progress e and On January 2, 2017 Sheridan Company leases a machine with a fair value of $36,000 from Snead, Inc., on the following terms: 1. Noncancelable term of 4 years. 2. Rental of $8,800 per year (at beginning of each year). 3. Estimated residual value after 4 years is $4,300. Sheridan Company guarantees the residual value of $4,300. 4. Estimated economic life of the machine is 5 years. 5. Sheridan Company's incremental borrowing rate is 7% a year. Snead's implicit rate is unknown. Your answer is correct. What is the nature of this lease to Sheridan Company? This lease is ain) finance lease x + C On January 2, 2017 Nash Compa * G how to calculate prin excel /courses/37313/assignments/3958950?module_item_id=12617759 X Your answer is incorrect. What is the present value of the minimum lease payments? (Round present value factor calcul the final answer to decimal places eg. 58,971.) Present Value of Minimum Lease Payments $ e Textbook and Media List of Accounts Your answer is partially correct. Record the lease and first lease payment on Sheridan Company's books at the date of incep 5,125. Credit account titles are automatically indented when amount is entered. Do not indent m. Entry" for the account titles and enter for the amounts.) + sary 2, 2017 Nash Compe x G how to calculate prin excel 87313/assignments/3958950?module_item_id=12617759 - Your answer is partially correct. Record the lease and first lease payment on Sheridan Company's books at the date of inception. (Round answers to decimal 5,125. Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, sele Entry for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit Leased Equipment Lease Liability (To record the lease) Lease Liability (To record rental payment) eTextbook and Media List of Accounts January 2 2017 Nash Compex G how to calculate prin excel ex ses/37313/assignments/3958950?module item_id=12617759 Your answer is partially correct. Record the first year's depreciation on Sheridan Company's books (assume straight line). (Round answers to decimal Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, sele account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense Accumulated Depreciation-Capital Leases eTextbook and Media List of Accounts Your answer is partially correct. Record the interest payable on Sheridan's books at December 31, 2017. (Round answers to O decimal places, eg. 5,125 titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry fe and enter for the amounts.)