Problems (25 points) Show work for full and partial credit O'Henry Trucking, Inc. owns a fleet of commercial trucks. Other companies rent trucks from O'Henry's on a long-1cm basis, On January 1, 2017, City Delivery Company rents a moving van from O'Henry, Inc. om a 5-year non-cancellablo lease for $39,210 per year. payable every January 1 besinning in 2017, C al the end ol the lease. OHenry has used an implicd interest rate of $% and disclosed this to City Delivery. The truc has useful life of 10 years y Delivery guaraees a residual value o$5,000 a) From the factors below all at 8% interesealeulate the present value of the lease) PV ordinary annuity PV annuity dus PV single amount 5 years 10 years 3.9927 6.7101 4.3121 .2469 6806 4632 b) Make the journal entries below LESSEE, if capital lease January 1, 2017 signing of lease January 1, 2017 signing of leass Lea ses Ass er Lea se Liahii 05 First payment on the lease First payment on the lease Lease Liab cash Int. ExfP December 31, 2017 Adjusting journal entries December 31, 2017 Adjusting journal entries