Pharoah Company, a machinery dealer, leased a machina to Deverer Corporation on January 1,2020 . The lease is far an 8 -year period and requires acual annual paymants of $29,625 at the bezinning of each year. The first payment is recaivad on January 1,2020. Pharoah had purchased the machine during 2019 for $129,000. Callectibility of lease paymants by Pharcah is probable. Pharoah sat the annual rental to ensure a 6 Ys rate of return. The machine has an econamic life of 10 years with no residual value and reverts to Pharoah at the termination of the lease. (a) Your answar is correct. Compute the amount of the lase receivable. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places e.8. 5,275.) Amount of the lasa recaivable $ (b) Prapars all necessary journal sntries for Pharoah for 2020 . (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round arswers to 0 decimal places e. 5,275 .)