Shamrock Company, a machinery dealer, leased manufacturing equipment to Mays Corporation on January 1, 2017. The lease is for a 7-year period and requires equal annual payments of $26,143 at the beginning of each year. The first payment is received on January 1,2017. Shamrock had purchased the machine during 2016 for $75,000. Collectibility of lease payments is reasonably predictable, and no important uncertainties surround the amount of costs yet to be incurred by Shamrock. Shamrock set the annual rental to ensure an 8% rate of return. The machine has an economic life of 8 years with no residual value and reverts to Shamrock at the termination of the lease. (a) Your answer is correct. Compute the amount of the lease receivable. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971.) Lease Receivable eTextbook and Media List of Accounts 146999 Attempts: 1 of 3 used (b) Prepare all necessary journal entries for Shamrock for 2017. (Round answers to O decimal places e.g. 5,125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 1, 2017 (To record sales revenue) Dec. 31, 2017 (To record rental payment) eTextbook and Media List of Accounts Save for Later Last saved 31 minutes ago. Debit Credit Attempts: 0 of 3 used Submit Answer Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes