Teal Mountain Company leases an automobile with a fair value of $20,014 from John Simon Motors, Inc, on the following terms: 1. Non-cancelable term of 50 months. 2. Rental of $410 per month (at the beginning of each month). (The present value at 0.5% per month is $18,190 ) 3. Teal Mountain guarantees a residual value of $1,840 (the present value at 0.5% per month is $1,434 ). Teal Mountain expects the probable residual value to be $1,840 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Teal Mountain's incremental borrowing rate is 6% a year (0.5\% a month). Simon's implicit rate is unknown. Click here to view factor tables. (For calculation purposes, use 5 decimal places as dlsployed in the foctor toble provided.) What is the present value of the lease payments to determine the lease liability? (Round answer to 0 declmal places, eg. 5,275.) Present value of the lease payments $ it Your answer is incorrect. Based on the original fact pattern, record the lease on Teal Mountain's books at the date of commencement. (Credit account tities are automatically indented when amount is entered. Do not indent manuolly. Record the first month's lease payment (at commencement of the lease). (Credit account tittes are automatically indented whe amount Is entered. Do not indent manually. Round answers to 0 decimal places, e. . 5, 275.) * Your answer is incorrect. Record the second month's lease payment. (Credit account titles are outomatically indented when amount is entered. Do not ind manually. Round answers to 0 decimal places, es. 5, 275.) Record the first month's amortization on Teal Mountain's books (assume straight-line). (Credlt account thtles are automath Indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eq. 5,275.25.) X Your answer is incorrect. Suppose that instead of $1,840, Teal Mountain expects the residual value to be only $500 (the guaranteed amount is stil How does the calculation of the present value of the lease payments change from part (b)? (Round answer to O decimal pla 5,275 .)