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Reporting Finance Lease, Guaranteed Residual-Lessee Mac Leasing Company (lessor) and Ash Corporation (lessee) signed a four-year lease on January 1, 2020. The underlying asset has an estimated life of six years and a fair value of $160,000, and the property reverts to Mac at the end of the lease term. Lease payments of $38,154 are payable on January 1 of each year and were set to yield Mac a return of 8%, which was known to Ash. The estimated residual value at the end of the lease term is $32,000 and is guaranteed by Ash Corporation. Ash expects the estimated residual value at the end of the lease term to be $32,000. The lease contains no purchase option. b. Prepare an amortization schedule of the lease liability. Note: Round each amount in the schedule to the nearest whole dollar. Use the rounder Lease Interest Reduction of Date Payment on Liability Lease Liability Lease Liability Jan. 1, 2020 $ 136,481 Jan. 1, 2020 $ 38,154 $ 0 $ 38,154 98,327 Jan. 1, 2021 38,154 7,866 30,288 68,039 Jan. 1, 2022 38,154 5,443 32,711 35,328 Jan. 1, 2023 38,154 2,826 35,328 0 Total $ 152,616 $ 16,135 $ 136,481 Dr. Cr. 0 136,481 c. Prepare the entries for Ash Company for 2020. Note: Round your answers to the nearest whole dollar. Date Account Name Jan. 1, 2020 Right-of-Use Asset 136,481 Lease Liability 0 To record lease liability and right-of-use asset Jan. 1, 2020 Lease Liability 38,154 Cash 0 To record lease payment Dec. 31, 2020 Interest Expense 7,866 Lease Liability 0 To record interest Dec 31, 2020 Amortization Expense 32,000 X Right-of-Use Asset 0 To record amortization 0 38,154 > 0 > 21,334 x d. Let's now assume that Ash Corporation expects the estimated residual value at the end of the lease term to be $11,200 instead. Prepare the entries for Ash Corporation for 2020. Note: Round your answers to the nearest whole dollar. Date Account Name Dr. Cr. Jan. 1, 2020 Right-of-Use Asset 144,713 x 0 Lease Liability 0 136,481 x To record lease liability and right-of-use asset Jan. 1, 2020 Lease Liability 38,154 0 Cash 0 38,154 To record lease payment Dec 31, 2020 Interest Expense 7,866 x 0 Lease Liability 0 7,866 x To record interest Dec 31, 2020 Amortization Expense 0 X 0 Right-of-Use Asset 0 0X To record amortization >