Recording Sales-Type Lease, Residual Value-Lessor Dunlap Company leased a large copier to Rust Company for a three-year period. Dunlap paid $30,000 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 $6,000). Dunlap used an expected rate of return of 6% (known by Rust). The lessee agreed to guarantee two-thirds ($4,000) 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 $3,000. The lessee immediately paid the difference of $1,000 ($4,000 guaranteed residual value minus $3,000, the actual residual 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. Lease payment $ Lease receivable $ 0x 0X 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. cr. Jan. 1, 2020 Deferred Lease Revenue 0 Deferred Lease Revenue 0 0x To record lease receivable Jan. 1, 2020 Deferred Lease Revenue 0 x Lease Incentive Payable 0 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. Dr. 0x 0 cr. 0 OX Date Account Name - Dec. 31, 2020 Interest Revenue Cost of Goods Sold To record interest Jan. 1, 2021 Sales Revenue Amortization Expense To record receipt of lease payment Dec 31, 2021 Amortization Expense * 0 0x 0 0 x OX X 0 0 0 Ox 0 X x X 0x 0 x 0 Dec. 31, 2020 Interest Revenue Cost of Goods Sold To record interest Jan. 1, 2021 Sales Revenue Amortization Expense To record receipt of lease payment Dec. 31, 2021 Amortization Expense Interest Revenue To record interest Jan. 1, 2022 Lease Revenue Lease Revenue To record receipt of lease payment Dec. 31, 2022 Cost of Goods Sold Amortization Expense To record interest Jan. 1, 2023 Depreciation Expense Depreciation Expense Depreciation Expense Amortization Expense 4 To record return of equipment 0x 0 x