The following facts pertain to a non-cancelable lease agreement between Marin Leasing Company and Cullumber Company, a lessee. Commencement date May 1. 2020 Annual lease payment due at the beginning of each year, beginning with May 1. 2020 $18,922.70 Bargain purchase option price at end of lease term $5,000 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost S65.000 Fair value of asset at May 1, 2020 $85,000 Lessor's implicit rate Lessee's incremental borrowing rate 8 % The collectibility of the lease payments by Marin is probable. Click here to view factor tables. Question 9 of 11 < > -/5 E Lessees incremental borrowing rate The collectibility of the lease payments by Marin is probable. Click here to view factor tables. Compute the amount of the lease receivable at commencement of the lease. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answer to 2 decimal places, eg. 5,275.15) Lease receivable at commencement $ 85000 eTextbook and Media List of Accounts Question 9 of 11 - /5 E Prepare a lease amortization schedule for Marin for the 5-year lease term. (Round answers to 2 decimal places, eg. 5,275.15.) MARIN LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Plus Interest on Lease Recovery of Lease Date BPO Receivable Receivable Lease Rece 5/1/20 %$4 5/1/20 18922.70 18922.70 5/1/21 18922.70 5286.18 13636.52 5/1/22 18922.70 4195.26 14727.44 5/1/23 18922.70 3017.07 15905.63 5/1/24 18922.70 1744.62 17178.08 4/30/25 5000 370.37 4629.63 99613.50 14613.50 %24 85000 eTextbook and Media -/5 E Question 9 of 11 Prepare a lease amortization schedule for Marin for the 5-year lease term. (Round answers to 2 decimal places, eg. 5,275.15.) MARIN LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Recovery of Lease Receivable Plus Interest on Lease BPO Receivable Lease Receivable %24 85000 18922.70 18922.70 66077.30 18922.70 5286.18 13636,52 52440.78 18922.70 4195.26 14727.44 37713.35 18922.70 3017.07 15905.63 21807.71 18922.70 1744.62 17178.08 4629.63 5000 370.37 4629.63 $4 99613.50 %24 14613.50 85000 Question 9 of 11 < > -/5 E Prepare the journal entries to reflect the signing of the lease agreement and to record the receipts and income related to this lease for the years 2020 and 2021. The lessor's accounting period ends on December 31. Reversing entries are not used by Marin. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 5,275.15, Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record the lease) (To record lease payment) Question 9 of 11 -/5 E Date Account Titles and Explanation Debit Credit (To record the lease) (To record lease payment) Question 9 of 11 -/5 E > eTextbook and Media List of Accounts Suppose the collectibility of the lease payments was not probable for Marin. Prepare all necessary journal entries for the company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 5,275.15.) Date Account Titles and Explanation Debit Credit 5/1/20 eTextbook and Media List of Accounts The following facts pertain to a non-cancelable lease agreement between Marin Leasing Company and Cullumber Company, a lessee. Commencement date May 1. 2020 Annual lease payment due at the beginning of each year, beginning with May 1. 2020 $18,922.70 Bargain purchase option price at end of lease term $5,000 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost S65.000 Fair value of asset at May 1, 2020 $85,000 Lessor's implicit rate Lessee's incremental borrowing rate 8 % The collectibility of the lease payments by Marin is probable. Click here to view factor tables. Question 9 of 11 < > -/5 E Lessees incremental borrowing rate The collectibility of the lease payments by Marin is probable. Click here to view factor tables. Compute the amount of the lease receivable at commencement of the lease. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answer to 2 decimal places, eg. 5,275.15) Lease receivable at commencement $ 85000 eTextbook and Media List of Accounts Question 9 of 11 - /5 E Prepare a lease amortization schedule for Marin for the 5-year lease term. (Round answers to 2 decimal places, eg. 5,275.15.) MARIN LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Plus Interest on Lease Recovery of Lease Date BPO Receivable Receivable Lease Rece 5/1/20 %$4 5/1/20 18922.70 18922.70 5/1/21 18922.70 5286.18 13636.52 5/1/22 18922.70 4195.26 14727.44 5/1/23 18922.70 3017.07 15905.63 5/1/24 18922.70 1744.62 17178.08 4/30/25 5000 370.37 4629.63 99613.50 14613.50 %24 85000 eTextbook and Media -/5 E Question 9 of 11 Prepare a lease amortization schedule for Marin for the 5-year lease term. (Round answers to 2 decimal places, eg. 5,275.15.) MARIN LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Recovery of Lease Receivable Plus Interest on Lease BPO Receivable Lease Receivable %24 85000 18922.70 18922.70 66077.30 18922.70 5286.18 13636,52 52440.78 18922.70 4195.26 14727.44 37713.35 18922.70 3017.07 15905.63 21807.71 18922.70 1744.62 17178.08 4629.63 5000 370.37 4629.63 $4 99613.50 %24 14613.50 85000 Question 9 of 11 < > -/5 E Prepare the journal entries to reflect the signing of the lease agreement and to record the receipts and income related to this lease for the years 2020 and 2021. The lessor's accounting period ends on December 31. Reversing entries are not used by Marin. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 5,275.15, Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record the lease) (To record lease payment) Question 9 of 11 -/5 E Date Account Titles and Explanation Debit Credit (To record the lease) (To record lease payment) Question 9 of 11 -/5 E > eTextbook and Media List of Accounts Suppose the collectibility of the lease payments was not probable for Marin. Prepare all necessary journal entries for the company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 5,275.15.) Date Account Titles and Explanation Debit Credit 5/1/20 eTextbook and Media List of Accounts The following facts pertain to a non-cancelable lease agreement between Marin Leasing Company and Cullumber Company, a lessee. Commencement date May 1. 2020 Annual lease payment due at the beginning of each year, beginning with May 1. 2020 $18,922.70 Bargain purchase option price at end of lease term $5,000 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost S65.000 Fair value of asset at May 1, 2020 $85,000 Lessor's implicit rate Lessee's incremental borrowing rate 8 % The collectibility of the lease payments by Marin is probable. Click here to view factor tables. Question 9 of 11 < > -/5 E Lessees incremental borrowing rate The collectibility of the lease payments by Marin is probable. Click here to view factor tables. Compute the amount of the lease receivable at commencement of the lease. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answer to 2 decimal places, eg. 5,275.15) Lease receivable at commencement $ 85000 eTextbook and Media List of Accounts Question 9 of 11 - /5 E Prepare a lease amortization schedule for Marin for the 5-year lease term. (Round answers to 2 decimal places, eg. 5,275.15.) MARIN LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Plus Interest on Lease Recovery of Lease Date BPO Receivable Receivable Lease Rece 5/1/20 %$4 5/1/20 18922.70 18922.70 5/1/21 18922.70 5286.18 13636.52 5/1/22 18922.70 4195.26 14727.44 5/1/23 18922.70 3017.07 15905.63 5/1/24 18922.70 1744.62 17178.08 4/30/25 5000 370.37 4629.63 99613.50 14613.50 %24 85000 eTextbook and Media -/5 E Question 9 of 11 Prepare a lease amortization schedule for Marin for the 5-year lease term. (Round answers to 2 decimal places, eg. 5,275.15.) MARIN LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Recovery of Lease Receivable Plus Interest on Lease BPO Receivable Lease Receivable %24 85000 18922.70 18922.70 66077.30 18922.70 5286.18 13636,52 52440.78 18922.70 4195.26 14727.44 37713.35 18922.70 3017.07 15905.63 21807.71 18922.70 1744.62 17178.08 4629.63 5000 370.37 4629.63 $4 99613.50 %24 14613.50 85000 Question 9 of 11 < > -/5 E Prepare the journal entries to reflect the signing of the lease agreement and to record the receipts and income related to this lease for the years 2020 and 2021. The lessor's accounting period ends on December 31. Reversing entries are not used by Marin. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 5,275.15, Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record the lease) (To record lease payment) Question 9 of 11 -/5 E Date Account Titles and Explanation Debit Credit (To record the lease) (To record lease payment) Question 9 of 11 -/5 E > eTextbook and Media List of Accounts Suppose the collectibility of the lease payments was not probable for Marin. Prepare all necessary journal entries for the company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 5,275.15.) Date Account Titles and Explanation Debit Credit 5/1/20 eTextbook and Media List of Accounts The following facts pertain to a non-cancelable lease agreement between Marin Leasing Company and Cullumber Company, a lessee. Commencement date May 1. 2020 Annual lease payment due at the beginning of each year, beginning with May 1. 2020 $18,922.70 Bargain purchase option price at end of lease term $5,000 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost S65.000 Fair value of asset at May 1, 2020 $85,000 Lessor's implicit rate Lessee's incremental borrowing rate 8 % The collectibility of the lease payments by Marin is probable. Click here to view factor tables. Question 9 of 11 < > -/5 E Lessees incremental borrowing rate The collectibility of the lease payments by Marin is probable. Click here to view factor tables. Compute the amount of the lease receivable at commencement of the lease. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answer to 2 decimal places, eg. 5,275.15) Lease receivable at commencement $ 85000 eTextbook and Media List of Accounts Question 9 of 11 - /5 E Prepare a lease amortization schedule for Marin for the 5-year lease term. (Round answers to 2 decimal places, eg. 5,275.15.) MARIN LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Plus Interest on Lease Recovery of Lease Date BPO Receivable Receivable Lease Rece 5/1/20 %$4 5/1/20 18922.70 18922.70 5/1/21 18922.70 5286.18 13636.52 5/1/22 18922.70 4195.26 14727.44 5/1/23 18922.70 3017.07 15905.63 5/1/24 18922.70 1744.62 17178.08 4/30/25 5000 370.37 4629.63 99613.50 14613.50 %24 85000 eTextbook and Media -/5 E Question 9 of 11 Prepare a lease amortization schedule for Marin for the 5-year lease term. (Round answers to 2 decimal places, eg. 5,275.15.) MARIN LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Recovery of Lease Receivable Plus Interest on Lease BPO Receivable Lease Receivable %24 85000 18922.70 18922.70 66077.30 18922.70 5286.18 13636,52 52440.78 18922.70 4195.26 14727.44 37713.35 18922.70 3017.07 15905.63 21807.71 18922.70 1744.62 17178.08 4629.63 5000 370.37 4629.63 $4 99613.50 %24 14613.50 85000 Question 9 of 11 < > -/5 E Prepare the journal entries to reflect the signing of the lease agreement and to record the receipts and income related to this lease for the years 2020 and 2021. The lessor's accounting period ends on December 31. Reversing entries are not used by Marin. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 5,275.15, Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record the lease) (To record lease payment) Question 9 of 11 -/5 E Date Account Titles and Explanation Debit Credit (To record the lease) (To record lease payment) Question 9 of 11 -/5 E > eTextbook and Media List of Accounts Suppose the collectibility of the lease payments was not probable for Marin. Prepare all necessary journal entries for the company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 5,275.15.) Date Account Titles and Explanation Debit Credit 5/1/20 eTextbook and Media List of Accounts