Problem 21A-10 a 2-c Flounder Company manufactures a check-in kiosk with an estimated economic life of 12 years and leases it to Culver Airlines for a period of 10 years. The normal selling price of the equipment is $300,089, and its unguaranteed residual value at the end of the lease term is estimated to be $18,200. Culver will pay $165,300 in manufacturing the equipment and $3,800 in sales commissions in closing the lease. Flounder has determined that the collectibility of the lease payments is probable and that the implicit interest rate is 9%. Culver Airlines has an incremental borrowing rate of 9%. Click here to view the factor table. Compute the amount of the initial lease liability. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971.) The amount of the initial lease liability & Prepare a 10-year lease amortization schedule. (Round answers to 0 decimal places e.g. 58,970.) CULVER AIRLINES (Lessee) Lease Amortization Schedule (Annuity-due basis and URV), Beginning Interest on Reduction of Lease of Year Annual Lease Payment Lease Liability Liability Lease Liability Initial PV Prepare all of the lessee's journal entries for the first year. Assume straight-line depreciation. (Credit account titles are automatically indented when 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. 58,970.) Account Titles and Explanation Debit Credit (To record the lease.) (To record the first rental payment.) (To record accrual of annual interest on lease obligation.) (To record depreciation expense for first year.)