Sarasota Company manufactures a check-in kiosk with an estimated economic life of 12 years and leases it to National Airlines for a period of 10 years. The normal selling price of the equipment is $282,093, and its unguaranteed residual value at the end of the lease term is estimated to be $21,400. National will pay annual payments of $42,000 at the beginning of each year. Sarasota incurred costs of $193,600 in manufacturing the equipment and $3,600 in sales commissions in closing the lease. Sarasota has determined that the collectibility of the lease payments is probable and that the implicit interest rate is 11%. Click here to view factor tables. Discuss the nature of this lease in relation to the lessor. This is a Compute the amount of each of the following items. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to decimal places, e.g. 5,275.) (1) Lease receivable $ ta (2) Sales price $ (3) Cost of sales eTextbook and Media List of Accounts SARASOTA COMPANY (Lessor) Lease Amortization Schedule Annuity Due Basis, Unguaranteed Residual Value Interest on Lease Receivable Lease Receivable Recovery Beginning of Year Annual Lease Payment Plus Residual Value Lea Recei Initial PV $ 0 $ 0 $ $ $ $ 1 42000 O N 42000 3 42000 4 42000 5 42000 6 42000 7 42000 8 42000 9 42000 10 42000 End of 10 20000 $ $ $