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Lamplighter Company, the lessor, agrees to lease equipment to Tilson Company, the lessee, beginning January 1,2016 . The lease ferms, provisions, and relafed events are as follows: - The lease is nencancelable and has a term of 8 years. - The annual rentals are $32,000, payable at the end of each year - Tisson agress to pay all executory costs - The interest rate implict in the lease is 14%. - The cost of the equipment to the lesser is 5110,000 - The lessor incurs no material initial direct costs. - The collectibility of the rentals is teasonably assured, and there are no important uncertainties surrounding the amount of unreimbursable costs yet to be incurred by the lessor. - The collectibility of the rentals is reasonably assured, and there are no important uncertainties surrounding the amount of unreimbursable costs yet to be incurred by the lessor. - The lessor estimates that the fair value at the end of the lease term will be $20,000 and that the economic ufe of the equipment is 9 years. Required: 1. Calculate the selling price implied by the lease and propare a table summarizing the lease receipts and interest revenue eamed by the lessor for this sales-type lease. 2. Next Level State why this is a sules-type lease 3. Prepare journal entnes for Lamplighter for the years 2016, 2017, and 2019 4. Prepare partial Dalance sheets for Lamplighter for December 31,2016 , and Docember 31,2017 , showing how the accounts should be dieclosed CHART OF ACCOUNTS Lamplighter Company General Ledger \begin{tabular}{|ll} 189 Accumulated Depreciation & 512 Utilities Expense \\ & 521 Salaries Expense \\ LABILITES & 532 Bad Debt Expense \\ 211 Accounts Payable & 540 Interest Expense \\ 231 Salaries Payable & 541 Depreciation Expense \\ 250 Unearned Interest & 559 Miscellaneous Expenses \\ 261 Income Taxes Payable & 910 Income Tax Expense \end{tabular} EQUITY 311 Common Stock 331 Retained Earnings Calculate the selling price implied by the lease. Additional instruction Lease Payments Received and Interest Revenue Eamed Summarr 20162023 Date? January 1,2016 December 31, 2016 Deveriver 31, 2017 Ancember 31.2018 5ecember 31,2019 20162023 Interest Lease Payment Revenee at 14X Reduction of Received on Net Met Imrestment Inveument tease Receriable Uneamed Interest: lesery Hes lrmeter PAGE 2016 PAGE 2017 PAGE 2019 GENERAL. JOURNAL \begin{tabular}{|l|l} \hline 1 \\ 2 \\ 3 \\ 4 \\ 5 \\ 6 \\ 7 \end{tabular} ACCOUNT TITLE POST. REF DEEIT CREDIT 2 3 4 5 6 7 Question not attempted