Problem 21A-7 a-c Carla Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it to Chambers Medical Center for a period of 10 years. The normal selling price of the machine is $506,340, and its guaranteed residual value at the end of the non- cancelable lease term is estimated to be $15,200. The hospital will pay rents of $61,300 at the beginning of each year. Carla incurred costs of $266,000 in manufacturing the machine and $15,400 in legal fees directly related to the signing of the lease. Carla has determined that the collectibility of the lease payments is probable and that the implicit interest rate is 5%. Click here to view factor tables Your answer is correct. Compute the amount of each of the following items. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to O decimal places, e.g. 5,275.) (1) Lease receivable at commencement of the lease (2) Sales price (3) Cost of sales 506340 506340 266000 Prepare a 10-year lease amortization schedule for Carla, the lessor. (Round answers to 0 decimal places e.g. 5,275.) CARLA INC. (Lessor) Lease Amortization Schedule (Annuity due basis, guaranteed residual value) Interest on Lease Receivable Beginning of Year Annual Lease Payment Plus Residual Value Recovery of Lease Receivable Lease Receivable Initial PV 506340 4 7 No. Account Titles and Explanation Debit Credit Lease Receivable 506340 (To record the lease.) To record the incurrence of initial direct costs relating to the lease.) 2. (To record receipt of the first lease payment.) 3. earned during the first year of the lease)