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E21-6 (LO2,4) essor Entriess Sales-Type Lease with Option to Purchase) Caatle Leasing Company signs a lease agree ment on Jarary 1, 2117, to lease electronic equipment bo Jan Way Company. The term of the non cancelable lease in 2 years, and payments are neoquired at the eand of each year. The folliowing information nelabes to thi agrrmen L Jan Way has the option lo purchase the eguipmenst for S160 upon temination of the It is not easonably certain that Jan Way will exercie this option. 21-81 Chapter 21 (Updated) Accounting for Loases 2 The equipeent has a cond of 5120)000 and fair valar of stil000 bo Castle Leasing, The usefid economic life is 2 yean, with msidual value of $15000 Catle lammet denno bo earn a return of 5%on its investment. Collecity of the payments by Castle Leasing is peobabl nstructions a) Preare the jeaurmal entries on the books of Castle Leasing to neflect the payments received under the lease and to rec goe income for the years 21017 and 2018 ht Asuming thuat Jan Way esercises its option to punchase the quipment on December 31, 2018, pepare the jourmal entry Sa tocced the sale on Caitk Leanings bocks. E21-6 (LO2,4) essor Entriess Sales-Type Lease with Option to Purchase) Caatle Leasing Company signs a lease agree ment on Jarary 1, 2117, to lease electronic equipment bo Jan Way Company. The term of the non cancelable lease in 2 years, and payments are neoquired at the eand of each year. The folliowing information nelabes to thi agrrmen L Jan Way has the option lo purchase the eguipmenst for S160 upon temination of the It is not easonably certain that Jan Way will exercie this option. 21-81 Chapter 21 (Updated) Accounting for Loases 2 The equipeent has a cond of 5120)000 and fair valar of stil000 bo Castle Leasing, The usefid economic life is 2 yean, with msidual value of $15000 Catle lammet denno bo earn a return of 5%on its investment. Collecity of the payments by Castle Leasing is peobabl nstructions a) Preare the jeaurmal entries on the books of Castle Leasing to neflect the payments received under the lease and to rec goe income for the years 21017 and 2018 ht Asuming thuat Jan Way esercises its option to punchase the quipment on December 31, 2018, pepare the jourmal entry Sa tocced the sale on Caitk Leanings bocks