Prancer Corporation (lessor) leased a building to Peaches Company (lessee) on 1/1/23 on a six-year noncancellable lease. uliding has an estimated fair value of $1,285,000 and cost Prancer $900,000. It has a remaining useful life of twelve years, and an estimated $350,000 residual value at the end of the lease, which Peaches has not guaranteed. Prancer uses a rate of 5% in setting the lease payments. Prepare the amortization table and the journal entries that Prancer will make in 2023. What will Prancer report as its Lease Receivable at 12/31 2 Ready Accessibility: Good to go 3 01 5 6 7 8 9 10

Prancer Corporation (lessor) leased a building to Peaches Company (lessee) on 1/1/23 on a six-year noncancellable an estimated fair value of $1,285,000 and cost Prancer $900,000. It has a remaining useful life of twelve years, and an estimated $350,000 residual value at the end of the lease, which Peaches has not guaranteed. Prancer uses a rate of 5% in setting the lease payments. Prepare the amortization table and the journal entries that Prancer will make in 2023. What will Prancer report as its Lease Receivable at 12/31