Use the Following Information for Problems #9 - 12: (Lessor Computations and Entries, Sales-Type Lease with Unguaranteed Residual Value) Greenwald Company manufactures a machine with an estimated economic life of 12 years and leases it to Beta Company for a period of 10 years. The normal selling price of the machine is $556.144, and its un guaranteed residual value at the end of the lease term is estimated to be $40,000. Heta will pay annual syments of $80,000 at the beginning of each year and all maintenance, insurance, and taxes. Greenwald incurred costs of $360,000 in manufacturing the equipment. Greenwald has determined that the collectability of the lease payments is reasonably predictable that no additional costs will be incurred, and that the implicit interest rate is 10% (Note: Round your answers to the nearest dollar) 91 What type of lease is this? Give your reasons. 10 Compute the amount of each of the following items (pertaining to the Lessor) (a) Lease receivable (b) Sales price (c) Cost of sales 11 Prepare the Lessor journal entries that should be recorded on January 1" of the first year (note: two JE's needed - one to record the lease and the other to record receipt of the first lease payment a correct accounts must be used): 12] Prepare the journal entry on the Lessor's books to record the accrual of interest on December 31" of year