Pat Delaney Company leases an automobile with a fair value of $13, 291 from John Simon Motors, Inc., on the following terms. Noncancelable term of 60 months. Rental of $280 per month (at end of each month). (The present value at 1% per month is $12, 587.) Estimated residual value after 60 months is $1, 160. (The present value at 1% per month is $639.) Delaney Company guarantees the residual value of $1, 160. Estimated economic life of the automobile is 61 months. Delaney Company's incremental borrowing rate is 12% a year (1% a month). Simon's implicit rate is unknown. What is the present value of the minimum lease payments? The present value of the minimum lease payments Record the lease on Delaney Company's books at the date of inception. (d) Record the first month's depreciation on Delaney Company's books (assume straight-line). (e) Record the first month's lease payment