Oriole Corp. is a manufacturer of truck trailers. On January 1, 2021, Oriole Corp.leases 9 trailers to Sheffield Company under a 7- year noncancelable lease agreement. The following information about the lease and the trailers is provided: 1 2. Equal annual payments that are due on January 1 each year provide Oriole Corp. with an 12% return on net investment. Titles to the trailers pass to Sheffield at the end of the lease. The fair value of each trailer is $49,800. The cost of each trailer to Oriole Corp. is $46,900. Each trailer has an expected useful life of nine years. Collectibility of the lease payments is probable. 3. 4 Click here to view factor tables. What type of lease is this for the lessor? List of Accounts Calculate the annual lease payment. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 5,275.) Calculate the annual lease payment. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 5,275.) Annual lease payment $ List of Accounts Prepare a lease amortization schedule for Oriole Corp. for the first three years. (Round answers to O decimal places e.g. 5,275.) Oriole Corp. Lease Amortization Schedule (Lessor) Interest on Lease Lease Receivable Receivable Recovery Lease Date Annual Lease Rental Receiva 1/1/21 $ 1/1/21 $ $ 1/1/22 1/1/23 Prepare a lease amortization schedule for Oriole Corp. for the first three years. (Round answers to O decimal places e.g. 5,275.) Oriole Corp. Lease Amortization Schedule (Lessor) Interest on Lease Lease Receivable Receivable Recovery Lease Receiva Date Annual Lease Rental 1/1/21 $ 1/1/21 $ $ 1/1/22 1/1/23 List of Accounts Prepare the journal entries for the lessor for 2021 to record the lease agreement, the receipt of the lease rentals, and the recognition of revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Cr Prepare the journal entries for the lessor for 2021 to record the lease agreement, the receipt of the lease rentals, and the recognition of revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Cr January 1, 2021 Lease Receivable Cost of Goods Sold Sales Revenue Inventory (To record the lease) December 31, 2021 Cash Lease Receivable (To record receipt of the first lease payments) December 31, 2021 Lease Receivable Interest Revenue List of Accounts