Teal Inc. manufactures an x-ray machine with an estimated life of 12 years and leases to Chambers Medical Center for a period of 10 years. The normal seling price of the machine is $499,822, and its guaranteed residual value at the end of the non- cancelable lease term is estimated to be 14,900. The hospital will pay rents of $65,500 at the beginning of each year. Teal incurred costs of $253,000 in manufacturing the machine and $14,100 in legal fees directly related to the signing of the lease. Teal has determined that the collectibility of the lease payments is probable and that the implicit interest rate is 7%. Click here to view factor tables 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 0 decimal places, e.g. 5,275 (1) Lease receivable at commencement of the lease (2) Sales price (3) Cost of sales Prepare a 10-year lease amortization schedule for Teal, the lessor. (Round answers to 0 decimal placee.g. 5,275.) TEAL INC. (Lessor) (Annulty due basis, guaranteed residual value Interest on Beginning Annual Lease Payment Plus R sidual Valu@ Recovery of Lease Lease Receivable of Year Lease R ceivable Initial Pv 10 End of 10 Prepare all of the lessor's journal entries for the first year. (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 the amounts. Round answers to O decimal places e.g. 5,275.) for No. Account Tites and Explanation Debit Credit