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Crane Company, as lessee, enters into a lease agreement on July 1.2021, for equipment. The following data are rhisvant to the lease agreement: 1. The term of the noncancelable lease is 4 years, with no renewal option. Payments of $902.966 are due on July 1 of each year. 2. The fair value of the equipment on July 1,2021 is $3,230,000. The equipment has an economic life of 6 years with no salvage value. 3. Crane depreciates similar machinery it owns on the sum-of-the-years-digits basis 4. The lessee pays all executory costs. 5. Crane's incremental borrowing rate is 9% per year. The lessee is aware that the lessor used an implicit rate of 8% in computing the lease payments. Click here to view factor tables. Prepare the journal entries on Crane's books that relate to the lease agreement for the following dates: (Credit account titles are automatically indented when amount is entered, Do not indent monually. Round present value factor calculations to 5 decimal places, es: 1.25124 and the final arswer to 0 decimal ploces es. 5,250 ) 1. July 1,2021. 2. December 31,2021 3. July 1,2022 4. December 31,2022 Accumulated Depreciaticn-Capital Leases (To record amortization.) Interest Expense interest Payable (To record interest payment.) (To record amortization) Interest Expense Interest Payable (To record interest payment.) List of Accounts Swe for Later Attempts: 0 of 1 used Submit Answer Crane Company, as lessee, enters into a lease agreement on July 1.2021, for equipment. The following data are rhisvant to the lease agreement: 1. The term of the noncancelable lease is 4 years, with no renewal option. Payments of $902.966 are due on July 1 of each year. 2. The fair value of the equipment on July 1,2021 is $3,230,000. The equipment has an economic life of 6 years with no salvage value. 3. Crane depreciates similar machinery it owns on the sum-of-the-years-digits basis 4. The lessee pays all executory costs. 5. Crane's incremental borrowing rate is 9% per year. The lessee is aware that the lessor used an implicit rate of 8% in computing the lease payments. Click here to view factor tables. Prepare the journal entries on Crane's books that relate to the lease agreement for the following dates: (Credit account titles are automatically indented when amount is entered, Do not indent monually. Round present value factor calculations to 5 decimal places, es: 1.25124 and the final arswer to 0 decimal ploces es. 5,250 ) 1. July 1,2021. 2. December 31,2021 3. July 1,2022 4. December 31,2022 Accumulated Depreciaticn-Capital Leases (To record amortization.) Interest Expense interest Payable (To record interest payment.) (To record amortization) Interest Expense Interest Payable (To record interest payment.) List of Accounts Swe for Later Attempts: 0 of 1 used Submit