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Minimum Lease Payments Montevallo Corporation leased equipment from Pollo Company. The fease term is 10 years, requires payments of $25,000 at the end of each year, and contains a bargain purchase option. At the end of the lease, Montevallo has an option to pay $4,000 (which is much less than the estimated for value at that time) to purchase the equipment. The equipment has a fair value at the inception of the lease of $175,000 and an estimated useful life of 20 years. The wa agreement stipulates that the Follo receive a rate of return of 8% each year, which w lower than Montevallo's incremental borrowing rate. Assume that the is no bargain purchase option and that Montevallo guarantees the $20,000 estimated residual value at the end of the 10-year los Calculate the present value of the minimum lease payments for interim computations, carry amounts out to two decimal places. Round your finalwer to the nearest dollar. (Click here to come the PV table to use with the problem Notes Payable General Journal Instructions On December 1, 2016, niste Photo Company purchased merchandise, invoice price $25,000, and issued a 12%, 120-day note to Pingo Chemicals Company to uses the calendar year as its Escal year and uses the perpetual inventory system Required: Prepare foumal enmies on Inst's books to record the preceding informadon, including the acusting enay at the end of me year and payment of the nom at maturay s Payable General Journal tructions Chart of Accounts CHART OF ACCOUNTS Insto Photo Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 189 Accumulated Depreciation EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense Payable chant of Acoount General Journal actions Chart of Accounts 521 Salaries Expense LIABILITIES 532 Bad Debt Expense 540 Interest Expense 211 Accounts Payable 221 Notes Payable 224 Interest Payable 231 Salaries Payable 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense 250 Unearned Revenue 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings Chint of Accounts General Journal Instructions General Journal Prepare journal enties on insto's books to record the purchase information, including the adjusting en y arme end of the year and payment of the note at may Adcional cons GENERAL JOURNAL DEBIT CREDI POST. BE DATE ACCOS TITLE 1