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Blossom Corporation is a machinery dealer whose shares trades on the TSX, and so it uses IFRS 16. Blossom leased a machine to Ernst Ltd. on January 1, 2020. The lease is for a six-year period and requires equal annual payments of $ 24,775 at the beginning of each year. The first payment is received on January 1, 2020. Blossom had purchased the machine for its inventory during 2019 for $ 100,300. Collectibility of lease payments is reasonably predictable, and no important uncertainties exist about costs that have not yet been incurred by Blossom. Blossom set the annual rental amount to ensure an 12% rate of return. The machine has an economic life of six years, with no residual value, and reverts to Blossom at the termination of the lease. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Your answer is partially correct. Using time value of money tables, a financial calculator, or Excel functions, calculate the amount of each of the following: (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275.) 1. Gross investment $ 148650 2. Unearned interest income $ 3. Net investment in the lease $ e Textbook and Media List of Accounts Your answer is partially correct. Prepare all necessary journal entries for Blossom for 2020. (Credit account titles are automatically indented when the 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.) ate Account Titles and Explanation Debit Cred 1/1/20 Cost of Goods Sold 100300 Lease Receivable Unearned Interest Income Cash Inventory (To record inception of lease and cost of goods sold.)