The following facts pertain to a noncancelable lease agreement between Vaughn Leasing Company and Bramble Company, a lessee.

Inception date Annual lease payment due at the beginning of May 1, 2017 $21,751.90 $3,700 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 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 her Your answer is correct. Compute the amount of the lease receivable at the inception of the lease. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and Round answers to 2 decimal places, e.g. 16.25.) Lease receivable at inception 92999.90 Your answer is correct. Prepare a lease amortization schedule for Vaughn Leasing Company for the 5-year lease term. (Round answers to 2 decimal places, e.g. 16.25.) VAUGHN LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Plus Interest on Lease Recovery of Lease ??? Receivable Receivable Lease Receivable 92999.90 21751.90 21751.90 71248 21751.90 7124.80 14627.10 56621 21751.90 5662.10 16089.81 40531.19 5/1/20 5/1/21 4/30/22 21751.90 4053.12 17698.78 22832.41 21751.90 2283.41 19468.66 3363.75 3700 336.38 3363.75 112459.50 19459.81 92999.90 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 Vaughn. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 16.25.) Date Account Titles and Explanation Debit Credit Lease Receivable 92999.90 Cost of Goods Sold 67,000 92999.90 67,000 To record the lease.) Cash 21751.90 21751.90 To record lease payment.) 12/31/17 Interest Receivable Interest Revenue 5/1/18 Cash 21751.90 Lease Receivable 14627.10 Interest Receivable Interest Revenue 12/31/18 Interest Receivable Interest Revenue 5/1/19 Cash 21751.90 16089.81 Interest Receivable Interest Revenue 12/31/19Interest Receivable Interest Revenue