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The following facts pertain to a non-cancelable lease agreement between Crane Leasing Company and Larkspur Company, a lessee. May 1, 2020 $ 15,349.90 $6,000 Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2020 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2020 Lessor's implicit rate Lessee's incremental borrowing rate 5 years 10 years $ 65,000 $ 76,000 4 % The collectibility of the lease payments by Crane is probable. Discuss the nature of this lease to Larkspur. The nature of this lease to Larkspur is a lease. eTextbook and Media List of Accounts Discuss the nature of this lease to Crane. The nature of this lease to Crane is a lease. Prepare a tease amortization schedule for Larkspurtor the 5-year tease term (Round answers to z decimal places, e.3. 5,275.15.) LARKSPUR COMPANY (Lessee) Lease Amortization Schedule Annual Lease Payment Plus BPO Date Interest on Liability Reduction of Lease Liability Lease Liabil 5/1/20 $ 5/1/20 15,349.90 0 15349.90 5/1/21 15,349.90 5/1/22 15,349.90 5/1/23 15,349.90 5/1/24 15.349.90 4/30/25 6,000 827495 Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2020 and 2021. Larkspur's annual accounting period ends on December 31. Reversing entries are used by Larkspur. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.15. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit 5/1/20 Credit Right-of-Use Asset 76000 Lease Liability 76,000 (To record the lease) 12/31/20 Lease Liability Cash (To record the first lease payment) Interest Expense (To record interest exnense (To record interest expense) (To record amortization of the right-of-use asset) . (To record interest expense) (To record interest expense) (To record amortization of the right-of-use asset)