Pharoah Corp. is a manufacturer of truck trailers. On January 1, 2021, Pharoah Corp.leases 11 trailers to Wildhorse Company under a year no cancelable lease agreement. The following Information about the lease and the trailers is provided: 1 Equal annual payments that are due on January 1 each year provide Pharoah Corp. with an 15% return on net investment. 2. Titles to the trailers pass to Widhorse at the end of the lease. 3. The fair value of each trailer is $52.500. The cost of each trailer to Pharoah Corp. is $46,200. Each trailer has an expected useful life of nine years. 4 Collectibility of the lease payments is probable Click here to view factor tables t type of lease is this for the lessor? Calculate the annual lease payment. (Round present value factor calculations to 5 decimal places, 1.25124 and the final answer to decimal places s. 5,275.) Annual lease payments Prepare a lease amortization schedule for Pharoah Corp. for the first three years and answers to decimal places 5.275) Pharoah Corp. Lease Amortization Schedule (Lessor) Interest on Lease Lease Receivable Receivable Recovery Lease Receivable Date Annual Lease Rental 1/1/21 1/1/215 1/1/22 1/1/23 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 Credit (To record the lease) (To record receipt of the first lease payments) Pharoah Corp. is a manufacturer of truck trailers. On January 1, 2021, Pharoah Corp.leases 11 trailers to Wildhorse Company under a year no cancelable lease agreement. The following Information about the lease and the trailers is provided: 1 Equal annual payments that are due on January 1 each year provide Pharoah Corp. with an 15% return on net investment. 2. Titles to the trailers pass to Widhorse at the end of the lease. 3. The fair value of each trailer is $52.500. The cost of each trailer to Pharoah Corp. is $46,200. Each trailer has an expected useful life of nine years. 4 Collectibility of the lease payments is probable Click here to view factor tables t type of lease is this for the lessor? Calculate the annual lease payment. (Round present value factor calculations to 5 decimal places, 1.25124 and the final answer to decimal places s. 5,275.) Annual lease payments Prepare a lease amortization schedule for Pharoah Corp. for the first three years and answers to decimal places 5.275) Pharoah Corp. Lease Amortization Schedule (Lessor) Interest on Lease Lease Receivable Receivable Recovery Lease Receivable Date Annual Lease Rental 1/1/21 1/1/215 1/1/22 1/1/23 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 Credit (To record the lease) (To record receipt of the first lease payments)