The following facts pertain to a noncancelable lease agreement between Metlock Leasing Company and Bonita Company, a lessee. Inception date: Annual lease payment due at the beginning of May 1, 2017 $19,199.45 $4,000 each year, beginning with May 1,2017 Bargain-purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2017 Lessor's implicit rate Lessee's incremental borrowing rate 5 years 10 years $67,000 $84,000 9% 9% The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs. Prepare a lease amortization schedule for Metlock Leasing Company for the 5-year lease term. (Round answers to 2 decimal places, e.g. 16.25.,) METLOCK LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Plus Interest on Lease Recovery of Lease Receivable Date Receivable Lease Receivable 84,000 19,199.45 19,199.45 13,367.4 14,570.47 15,881.81 17,311.17 3,669.72 64,800.55 51,433.15 36,862.68 20,980.87 3,669.8 19,199.45 5,832.05 4,628.98 3,317.64 19,199.45 5/1/20 19,199.45 5/1/21 19,199.45 1,888.28 4/30/22 4,000 330.28 0 99,997.25$ 15,997.23$ 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 2017,2018, and 2019. The lessor's accounting period ends on December 31. Reversing entries are not used by Metlock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 16.25.) Date Account Titles and Explanation Debit Credit Sales Revenue 84,000 Cost of Goods Sold 67,000 Lease Receivable 84,000 Inventory 67,000 To record the lease.) Lease Liability 19,199.45 Cash 19,199.45 (To record lease payment.) 12/31/17 Depreciation Expense Leased Equipment Lease Liability Property Tax Expense Interest Expense 12/31/17 5,832.05 Cash 19,199.45