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Exercise 21A-20 a-c Blue Corporation leased equipment to Larkspur, Inc. on January 1, 2017. The lease agreement called for annual rental payments of $1,141 at the beginning of each year of the 4- year lease. The equipment has an economic useful life of 8 years, a fair value of $9,400, a book value of $7,400, and Blue expects a residual value of $6,900 at the end of the lease term. Blue set the lease payments with the intent of earning a 7% return, though Larkspur is unaware of the rate implicit in the lease and has an incremental borrowing rate of 9%. There is no bargain purchase option, ownership of the lease does not transfer at the end of the lease term, and the asset is not of a specialized nature Click here to view the factor table For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Your answar ia incormect. Try again What is the amount of the rental payments used in the lease agreement? (Round answer to 0 decimal places, e.g. 5,275.) Rental payments Your snower is partially corect. Try aga Prepare the entries for Blue for 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g 5,275.) Date Account Titles and Explanation Credt 11/17 Lese Receivable 2/31/13 To record the racognition of tha rewana 2/31/17 (TO record depreciation expense , the lased equipment)