$233NOTH IN ACC307AZ3 Financial Rep Homework: Week 2 Assignment in My AccountingLab Score: 0 of 8p E18.1 (similar to) of four years from Versa Boy Equipment (VBE) Click the contevow the Pre (Click the icon to view the (Cho then to view the pe con tew the Future Art Before completing the requirements identify the XOOOOXX Round your inal wwwer to the Value whola do tables, the form method, a financial calculator, or a spreadsheet for your cald The present value (PV) of the payments de More info The machine is speared for he's business need as a sale price of 552.750, and it is nie years with no guaranteedr ale The $11.196 annual rentals are due at the beginning of each year. The late does not contain a transfer of ownership or a bargain purchase option Assume that the lessor paysal executory costs. VBES 4% implicitrate is known to Olson The cost of the equipment to VBE $52.760, its fair value. Assume there are no material uncertainties regarding future costs to be incurred under the lease and colectability is asonably assured. Print Done entered into a lease agreement to lease a piece of machinery for a period of four y the lease.) alue of $1 table) 5 (Click the icon to view the Present alue of an Ordinary Annuity table.) 2 (Click the icon to view the Present * More Info The machine is specialized for Olson's business needs, has a sales price of $52.760, and its useful life is nine years with no guaranteed residual value. The $11,196 annual rentals are due at the beginning of each year. The lease does not contain a transfer of ownership or a bargain purchase option. Assume that the lessor pays all executory costs. VBE's 4% implicitrate is known to Olson. The cost of the equipment to VBE is $52.760, its fair value. Assume there are no material uncertainties regarding future costs to be incurred under the lease and collectability is reasonably assured. Print Done then click Check Answer Clear All III Smalling tamar Ek 2 Assignment in MyAccountingLa 3 of 7 (4 complete) i Requirements a. Determine the lease classification for Olson Sales. b. Prepare the journal entries in the first year for Olson Sales based on your answer to part a. Print Done The machine is specialized for Olson's business needs, has a sales price of $52,760, and its useful life is nine years with no guaranteed residual value. The $11,196 annual rentals are due at the beginning of each year. The lease does not contain a transfer of ownership or a bargain purchase option. Assume that the lessor pays all executory costs. VBE's 4% implicit rate is known to Olson. The cost of the equipment to VBE is $52.760, its fair value. Assume there are no material uncertainties regarding future costs to be incurred under the lease and collectability is reasonably assured. Print Done