rences orations The following facts pertain to a non-cancelable lease agreement between Marin Leasing Company and Cullumber Company, a lessee. Accounting Hy Updates May 1, 2017 ook PLUS Support $20,703.86 $4,000 Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2017 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2017 Lessor's implicit rate Lessee's incremental borrowing rate 5 years 10 years $65,000 $92,000 The collectibility of the lease payments by Marin is probable Click here to view the factor table Compute the amount of the lease receivable at commencement of the lease. (For calculation purposes, use 5 decimal places as displayed in the factor toble provided and round answer to decimal places, es, 5275) Lease receivable at commencements Prepare a lease amortization schedule for Marin for the 5-year lease term. (Round answers to 2 decimal places, s. 5,275.15) MARIN LEASING COMPANY (Lessor) Lease Amortization Schedule Interest on Lease Recovery of Lease Receivable Receivable Date Annual Lease Payment Plus BPO Lease Receivable 5/1/17 S/1/17 5/1/18 5/1/19 5/1/20 5/1/21 4/30/22 Prepare the journal entries to reflect the signing of the lease agreement and to record the receipts and income related to this lease for the years 2017 and 2018. The lessor's accounting period ends on December 31. Reversing entries are not used by Marin. (Creditoccounties are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, s. 5.275.15) Debit Credit Date Account Titles and Explanation 5/1/17 (To record the lease) (To record lease payment) (To record lease payment) Suppose the collectibility of the lease payments was not probable for Marin. Prepare all necessary journal entries for the company in 2017 (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places.es 5,275.15.) Debit Date Account Titles and Explanation 5/1/17 Credit