Question 10 Crane Corporation, which uses ASPE, enters into a 6-year lease of equipment on September 1, 2020, that requires 6 annual payments of $28,800 each, beginning September 1, 2020. The equipment has a useful life of seven years. Assume that a residual value of $16,700 is expected at the end of the lease, but that Crane does not guarantee the residual value. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Using (1) tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the capital lease. Prepare Crane's September 1, 2020 journal entry, assuming an interest rate of 8% and that Merrill also uses ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to o decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit (To record inception of lease and first lease payment.)