Question 4 Not complete Marked out of 62.00 P Flag question Recording Sales-Type Lease, Residual Value-Lessor Dunlap Company leased a large copier to Rust Company for a three year period. Dunlap paid $60,000 for the copier and immediately leased it on January 1, 2020 (estimated useful life is four years, and Dunlap expects the expected residual value at the end of the lease term is $12,000). Dunlap used an expected rate of return of 6% (known by Rust). The lessee agreed to guarantee two-thirds ($8,000) of the residual value. The first lease payment is due on January 1, 2020, and the accounting periods for both entities end on December 31. At the lease termination date, an independent appraiser provided an estimated residual value of $6,000. The lessee immediately paid the difference of $2. value). Required a. Compute the lease payment for the lessor and the lease receivable to be capitalized by the lessor. Note: Round answer to the nearest dollar, Note: Do not use a negative sign with your answer. Support Lease payment $ Lease receivable $ Journal Entries: Collection is probable Journal Entries: Collection is Not Probable b. Provide the entries for the lessor on January 1, 2020. Note: Round your answers to the nearest whole dollar. Date Account Name Dr. Jan. 1.2020 Cr. To record lease receivable Jan, 1, 2020 To record receipt of lease payment c. Provide the entries for the lessor through the lease term. Jan. 1.2020 To record receipt of lease payment c. Provide the entries for the lessor through the lease term. Note: List multiple debits or credits (when applicable) in alphabetical order. Note: Round your answers to the nearest whole dollar. Sunport Account Name - Dr. cr. Date Dec. 31, 2020 To record interest Jan 1, 2021 To record receipt of lease payment Dec 31, 2021 To record interest Jan 1, 2022 To record receipt or lease payment Dec 31, 2022 To record interest Jan, 1, 2023 To record return of equipment Lease payment $ Lease receivable $ Journal Entries: Collection is probable Journal Entries: Collection is Not Probable d. Instead assume that the collectibility of the lease payments by Rust Company was not probable. Record the required entry on January 1, 2020. Date Account Name Dr. cr. Jan. 1, 2020 Check