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Warren Marina owns a large marina that contains numerous boat slips of various sizes. Warren contracts with boat owners to provide slips to house the

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Warren Marina owns a large marina that contains numerous boat slips of various sizes. Warren contracts with boat owners to provide slips to house the customers' boats. Lucky Fisherman Fleet contracted with Warren to provide space for four of its fishing boats. The contract specifies that Lucky Fisherman's boats will be kept in identified slips in the marina. The agreement includes the requirement that Warren provide 45-foot slips per boat for a three-year period, space that Lucky Fisherman can modify with fenders, docklines, and equipment needed to conduct its fishing business, Warren cannot switch locations of the boats or modify the slips without Lucky Fisherman's consent. Lucky Fisherman Fleet paid $24,000 on March 1, 2021, for the first year's accommodations. The market rate of Interest is 5%. (FV of $1. PV of $1. EVA of $1. PVA of S1, FVAD of S1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Prepare the appropriate entry(s) for Lucky Fisherman Fleet at March 1, the commencement of the agreement (if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. Date General Journal No 1 Credit March 01, 2021 Right-of-useet Lease payable Debit 68,828 68,828 2 March 01, 2021 Lease pilable Cash 24.000 OS 24,000

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