please show work in order to find interest expense for 5/1/21 and alsohiw to record lease payments was not probabale

The following facts pertain to a non-cancelable lease agreement between Larkspur Leasing Company and Crane Company, a lessee. May 1, 2020 $15.349.90 $6,000 5 years 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 10 years $ 65,000 $ 76,000 4 % 4 % The collectibility of the lease payments by Larkspur is probable. Click here to view factor tables Your answer is correct metham Lease Receivable (To record lease payment) 12/31/20 Interest Expense 1617.336 Interest Revenue 16 5/1/21 Cash Interest Expense Interest Revenue 12/31/21 Interest Expenses 12727 Interest Revenue Suppose the collectibility of the lease payments was not probable for Larkspur. Prepare all necessary journal entries for the company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, es. 5,275.15.) Date Account Titles and Explanation Debit Credit 5/1/20 Cash Deposit Liability Prepare the journal entries to reflect the signing of the lease agreement and to record the receipts and income related to this Tease for the years 2020 and 2021. The lessor's accounting period ends on December 31. Reversing entries are not used by Larkspur. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 5,275.15. Record journal entries in the order presented in the problem.) Dale Account Titles and Explanation Debit Credit 5/1/20 Lease Receivable 16000 Cost of Goods Sold 65000 Sales Revenue Inventory (To record the lease) S1/20 Cash 15349.9 Land Receivable 1: (To record lease payment) 12/31/20 Interest Expense 1617 336