Transcribed image text : Delaney Company leases an automobile with a fair value of $10,000 from John Simon Motors, Inc, on the following terms. 1 2 3. Non-cancelable term of 50 months Rental of $200 per month (at the beginning of each month) (The present value at 0.5% per month is $8,873.) Delaney guarantees a residual value of $1,180 (the present value at 0.5% per month is $920). Delaney expects the probable residual value to be $1.180 at the end of the lease term Estimated economic life of the automobile is 60 months Delaney's incremental borrowing rate is 6% a year (0.5% a month). Simon's implicitrate is unknown 4 5 Click here to view factor tables (For calculation purposes, use 5 decimal places es displayed in the factor table provided) (a) (f) Your answer is partially correct Record the first month's amortization on Delaney's books (assume straight-line). (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, 6.8.5,275.25.) Account Titles and Explanation Debit Credit Depreciation Expense 17226 Accumulated Depreciation Buildings 17226 e Textbook and Media