Problem 21A-8 a 2-c Bridgeport Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it to Indigo Medical Center for a period of 10 years. The normal selling price of the machine is $492,081, and its guaranteed residual value at the end of the non-cancelable lease term is estimated to be $15,000. The hospital will pay rents of $62,000 at the beginning of each year. Bridgeport incurred costs of $268,000 in manufacturing the machine and $15,100 in legal fees directly related to the signing of the lease. Bridgeport has determined that the collectibility of the lease payments is probable and that the implicit interest rate is 6%. Indigo Medical Center has an incremental borrowing rate of 6% and an expected residual value at the end of the lease of $10,000. Click here to view factor tables 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 0 decimal places e.g. 5,275.) Initial Lease Liability t SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare a 10-year lease amortization schedule. (Round answers to 0 decimal places e.g. 5,275.) INDIGO MEDICAL (Lessee) Lease Amortization Schedule (Annuity Due Basis, GRV) Annual Lease Interest on Reduction of Lease Payment Plus GRV Unpaid Liability Liability Beginning of Year Lease Liability Toitial INDIGO MEDICAL (Lessee) Lease Amortization Schedule (Annuity Due Basis, GRV) Annual Lease Interest on Reduction of Lease Payment Plus GRV Unpaid Liability Liability Beginning of Year Lease Liability Initial PV End of 10 Prepare all of the lessee's journal entries for the first year. (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 O decimal places e.g. 5,275.) Account Titles and Explanation Debit Credit Right-of-Use Asset Lease Liability (To record the lease of x-ray equipment using finance lease method.) Lease Liability Cash (To record payment of annual lease obligation.) Interest Expense lease (To record accrual of annual interest on lease obligation.) Amortization Expense Right-of-Use Asset (To record amortization expense for year 1 using straight-line method.)