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PLEASE HELP ME ANSWER PART B The following facts pertain to a non-cancelable lease agreement between Oriole Leasing Company and Ivanhoe Company, a lessee. Commencement

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PLEASE HELP ME ANSWER PART B

The following facts pertain to a non-cancelable lease agreement between Oriole Leasing Company and Ivanhoe Company, a lessee. Commencement date Annual lease payment due at the beginning of each year, beginning with January 1, 2025 Residual value of equipment at end of lease term, guaranteed by the lessee Expected residual value of equipment at end of lease term Lease term Economic life of leased equipment Fair value of asset at January 1, 2025 Lessor's implicit rate Lessee's incremental borrowing rate January 1, 2025 $98,530 $46,000 $41,000 6 years 6 years $546,000 6% 6% The asset will revert to the lessor at the end of the lease term. The lessee uses the straight-line amortization for all leased equipment. Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal places e.g. 5,275.) 998,530.00 98,530.00 98,530.00 16,040 $517,099.78 997,404 4,71 Prepare all of the journal entries for the lessee for 2025 and 2026 to record the lease agreement, the lease payments, and all expenses related to this lease. Assume the lessee's annual accounting period ends on December 31. (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 O for the amounts. Round answers to 0 decimal places e.g. 5,275. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (To record first lease payment.) (To record interest.) (To record amortization.) TABLE 6.1 Future Value of 1 (Future Value of a Single Sum) TDIA1 Eitivn A A In Nf 1 TABLE 6.2 Present Value of 1 (Present Value of a Single Sum) TAI E A Drooont halin nf 1 TABLE 6.3 Future Value of an Ordinary Annuity of 1 FVFOAn,i=i(1+i)n1 (n) TABLE 6.3 Future Value of an Ordinary Annuity of 1 TABLE 6.4 Present Value of an Ordinary Annuity of 1 TABLE 6.4 Present Value of an Ordinary Annuity of 1 TABLE 6.5 Present Value of an Annuity Due of 1 TABLE 6.5 Present Value of an Annuity Due of 1

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