Pharoah Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8-year period and requires equal annual payments of $31,296 at the beginning of each year. The first payment is received on January 1, 2020. Pharoah had purchased the machine during 2019 for $116,000. Collectibility of lease payments by Pharoah is probable. Pharoah set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Pharoah at the termination of the lease. Compute the amount of the lease receivable. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to O decimal places eg. 5,275.) Amount of the lease receivable $ for part C could you prepare all the necessary entries for Dexter for 2020 Current Attempt in Progress Pharoah Company, a machinery dealer, leased a machine to Dexter Corporation on January 1.2020. The roses for an 8-year period and requires equal annual payments of $31,296 at the beginning of each year. The first payment is received on January 1 2020. Pharoah had purchased the machine during 2019 for $116.000. Collectiblity of lease payments by Pharah is probabl Pharoah set the annual rental to ensure a 6% rate of retum. The machine has an economic line of 10 years with no residual value and reverts to Pharoah at the termination of the lease Click here to view factor tables Prepare all necessary jurnal entries for Pharr 2020 Credit account titles are automatically indented when Date Account Titles and Explanation 1/1/201 12/31/20 (To record the lease) (To record the first lease payment) Debit Credit