Sunland Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8 -year period and requires equal annual payments of $29,928 at the beginning of each year. The first payment is received on January 1,2020 ; Sunland had purchased the machine during 2019 for $150,000. Collectibility of lease payments by Sunland is probable. Sunland set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Sunland at the termination of the lease. Click here to view factor tables. (a) Compute the amount of the lease receivable. (For calculation purposes use 5 decimal ploces as displayed in the foctor table provided and round final answer to O decimal ploceseg. 5,275.) Amount of the lease receivable (To record the lease) (To record the first lease payment) 12/31/20 Lease Recelvable Suppose the collectibility of the lease payments was not probable for Sunland. Prepare the necessary journal entry for the company in 2020. (Credit occount titles are automatically indented when amount is entered. Do not indent manually.)