Problem 15-17 Nonlease costs; lessor and lessee (LO15-2. 15-71 Branit Leasing leases mechanical equipment to industrial consumers under sales te leases that eam Brania 20 de oreturn for providing long-term financing. A lease agreement with Barson Construction specified 20 annual payments beganning December 31 2018, the beginning of the Wase. The e f fe of the deciment 20 years with no residual value is costo Branit was $672.003. The lease qualifies as a finance lease to Branson Maintenance of the equiment was contracted for through a 20-year service agreement with Midway Service Cobalty requiring 20 annual payments of S4.000 beginning December 31, 2018 Progressive Insurance Company charges Broni 400 annually for hard insurance coverage on the equipment Bont companies se sight Ine depreciation or amortization VI S VAS PVA S. EVAD REST and PVADEDE (Ustappropriate factors from the tables provided Required: Prepare the appropriate entre for both the lessee and lessor to record the second lease payment and depreciation on December 31 2019. under each of three independents tons 1. The lessee pays maintenance costs as incurred The lessor days insurance premiums as incurred The lease agreement requires annual payments of $.000 2. The contract ces at the letter pays maintenance costs as incurred. The lessee's lease paymients were increased to $119.000 to include an amount suficient to reimburse these costs 3. The lessee's lease payments of $119000 included $4.000 for hazard insurance on the equipment rather that maintenance Complete this question by entering your answers in the tabs below. Recured 1 Required 1 Required 2 legured 2 Required Regard The lessee pays maintenance costs as incurred. The lessor pays Insurance premium is as incurred. These agreement requires annual payments of $115,000 (no try required for a bransaction event, select 'No journal entry o n the first accounted Round your intentate and final answers to nestest ole olla) View tract Journal entry worksheet Problem 15-17 Nonlease costs; lessor and lessee (LO15-2. 15-71 Branit Leasing leases mechanical equipment to industrial consumers under sales te leases that eam Brania 20 de oreturn for providing long-term financing. A lease agreement with Barson Construction specified 20 annual payments beganning December 31 2018, the beginning of the Wase. The e f fe of the deciment 20 years with no residual value is costo Branit was $672.003. The lease qualifies as a finance lease to Branson Maintenance of the equiment was contracted for through a 20-year service agreement with Midway Service Cobalty requiring 20 annual payments of S4.000 beginning December 31, 2018 Progressive Insurance Company charges Broni 400 annually for hard insurance coverage on the equipment Bont companies se sight Ine depreciation or amortization VI S VAS PVA S. EVAD REST and PVADEDE (Ustappropriate factors from the tables provided Required: Prepare the appropriate entre for both the lessee and lessor to record the second lease payment and depreciation on December 31 2019. under each of three independents tons 1. The lessee pays maintenance costs as incurred The lessor days insurance premiums as incurred The lease agreement requires annual payments of $.000 2. The contract ces at the letter pays maintenance costs as incurred. The lessee's lease paymients were increased to $119.000 to include an amount suficient to reimburse these costs 3. The lessee's lease payments of $119000 included $4.000 for hazard insurance on the equipment rather that maintenance Complete this question by entering your answers in the tabs below. Recured 1 Required 1 Required 2 legured 2 Required Regard The lessee pays maintenance costs as incurred. The lessor pays Insurance premium is as incurred. These agreement requires annual payments of $115,000 (no try required for a bransaction event, select 'No journal entry o n the first accounted Round your intentate and final answers to nestest ole olla) View tract Journal entry worksheet