Sienna Corp. is a truck trailers manufacturing company. On January 1, 2020, Sienna Corp. leased 10 truck trailers to Zoe Company with a leasing period of 8 years and noncancelable lease agreement. The following is information on the 10 truck leasing agreement the trailers: 1. Equal annual payments are due at the beginning of each year on January 1 incremental interest rate 7% per year. First payment starts Jan 1, 2020 2. Ownership of all trailers in the leasing agreement will be transferred to Zoe Company at the end of the leasing period. 3. The fair value of each trailer is @$50,000. The cost of each trailer is @$45,000. Each trailer has an expected useful life of 9 years. 4. The agreed annual rental payment for each truck trailer is \$XXXX Requested: 1. What is the annual rental payment for each truck trailer? 2. According to accounting for lessors, what method is appropriate to use for lease agreements above and on what basis can you answer that? 3. Calculate the lease liability on January 1, 2020 according to accounting for lessee 4. Calculate how much lease receivable on January 1, 2020 according to accounting for lessor. 5. Make the necessary journals for 2020 and 2021. 6. If in the problem there is a guaranteed residual value of $500 for each truck, What is the lease receivable value on Jan 1,2020