pter 21 HW Question 3 of 6 > /20 III Current Attempt in Progress The following facts pertanto a non-cancelable lease agreement between Faldo Leasing Company and Crane Company, lessee January 1 $121803 Commencement date Annual lease payment dot at the beginning of each year beginning with January 1 Residual value of equipment at end of lease term guaranteed by the lessee Expected residual value of equipment at end of lease tem Lease term Economic life at leased equipment Fair value of asset at January 1 Lessor's implicitate Lessee's incremental borrowing rate $46,000 $41000 6 years 6 Years $623000 9 9 A The art will revert to the lessor at the end of the lease term The lesse uses the straight line amortization for all leased equipment Click here to view factor tables Prepare an amortization schedule that would be able for the lessee for these term and present vol factor calculation to decimal places 1.25124 and the final anwers to decimal aceses 5.275 CRANE COMPANY (Lessee Lease Amortization Schedule Anne Interest on Reduction of Lease Date Payment Plus CRV Bability 120 1120 1/02 12 Q O 720 !!! Question 3 of 6 Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round growers to decimal placeres 5275. Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Cred (To record the lease) (To record first fease payment.) To record interest.) (To record amortization) (To record second lease payment) (To record interest) (Yand more extbook and Maria Luccount Suppose Crane received a lease Incentive of $5,000 from Faldo Leasing to enter the lease. How would the initial measurement of the lease ability and right-of-use asset be affected? Right-of-use asset Leze ability What Crane prepaid rent of $5,000 to Faldo Right of use Leave Usblity Textbook and Media