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Your answer is correct. Compute the present value of the lease payments. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places e.g. 5,275.) Present value of the lease payments $ eTextbook and Media List of Accounts Attempts: 1 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 On December 31, 2024, Skysong Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Skysong to make annual payments of $8,476 at the beginning of each year, starting December 31,2024 . The machine has an estimated useful life of 6 years and a $5,200 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Skysong uses the straight-line method of depreciation for all of its plant assets. Skysong's incremental borrowing rate is 11%, and the lessor's implicit rate is unknown. Click here to view factor tables. (a) Your answer is correct. What type of lease is this? This is a/an lease. eTextbook and Media List of Accounts Using multiple attempts will impact your score. Attempts: 1 of 3 used 10% score reduction after attempt 2 Prepare all necessary journal entries for Skysong for this lease through December 31, 2025. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0