Question 2 of 4 < > View Policies -/2 = 1 Current Attempt in Progress Assume that IBM (USA) leased equipment that was carried at a cost of 160,000 to Crane plc. The term of the lease is 6 years beginning December 31, 2021, with equal rental payments of 30,044 beginning December 31, 2021. The fair value of the equipment at commencement of the lease is 150,001. The equipment has a useful life of 6 years with no residual value. The lease has an implicit interest rate of 8%, no bargain purchase option, and no transfer of title. Collectibility of lease payments for IBM is probable. Prepare IBM's December 31, 2021, journal entries at commencement of the lease. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places e.g. 5,275.) Click here to view factor tables. Date December 31, 2021 Account Titles and Explanation December 31, (To record the lease) 2021 (To record receipt of lease payment) Debit Credit