Question 3 View Policies Current Attempt in Progress Bramble Corporation leased equipment to Marin, Inc. on January 1, 2020 The lease agreement called for annual rental payments af $1,122 at the beginning of each year of the 3-year lease. The equipment has an economic useful life of 7 years, a fair value of 17,700. a book value of $5,700, and Bramble expects a residual value of $5 200 at the end of the lease term Bramble set the lease payments with the intent of earning a 5 return, though Marin is unaware of the rate implicit in the lease and hasan Incremental borrowinerale ol 7%. There is no bargain purchase option ownership of the lease does not transfer at the end of the lease term, and the asset is not of a specialized nature Click here to view factor tables (For calculation purposes, use 5 decimal places as displayed in the factor table provided) Determine the nature of the lease to both Bramble and Marin The lease is aan lease to Marin The lease is alan lease lo Bramble. e Textbook and Media List of Accounts Prepare all necessary journal entries for Marin in 2020. (Credit account titles are automatically Indented when the amounts critered Danoindent manually. Round answers to decimal places, eg. 5,275. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit To record the lease (To record lease paynient) e Textbook and Media List of Accounts How would the measurement of the lease liability and right of use asset be affected it as a result of the lease contract, Marin was also required to pay $500 in commissions, prepay $800 in addition to the first rental payment and pay $200 of insurance each year? Round answers to decimal places.es 5,275) Lease liability Right-of-use-assets Textbook and Media List of Accounts Suppose instead of a 3-year lease term, Marin and Bramble agree to one year lease with a payment of $1,122 at the start of the lease. Prepare necessary loumal entry for Marin in 2020. (Credit account les pre automatically indented when the amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation 1/1/20