uty jouillal ehtrles for Geibcrger on December 31, 2016 21-14 (L02) Kubby Company specializes in leasing large sto entered a contract to ase uit to Riskey Inc. for 4 years when that particular storage unit had a remaining useful life of 5 years. The fair value e commencement of the lease on January 1, 2017. The present value of the five equal rental payments Kubby's im ear, plus the present value of a guaranteed residual value of $1,000, equals the fair vaof 510,00, tization schedule created by Kubby. rage units to other businesses. Kubby of the unit was $10,000 at th implicit rate of return on the lease of 6% The following is a correct, complete amor Interest (6%) on Outstanding Lease Receivable Reduction Lease Payment of Lease Receivable Balance of Lease Date Receivable s 2,507 2,507 2,507 2,507 ,000 S11,028 S 450 326 195 57 $1,028 $ 2,507 2,057 2,181 2,312 $10,000 7,493 5,436 3,255 943 0 1/1/20 12/31/20 943 $10,000 iven the above schedule, make the appropriate cntries at December 31, 2020, to record the accrual of interest ana the return of the storage unit to Kubby (assuming the unit is returned on December 31, 2020, at the expected and guaranteed residunl value of $1,000)