What journal entries would Pharoah record during the first year of the lease? (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to 0 decimal places e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit (To record lease) E (To record first lease payment) (To record amortization) (To record interest payment) Your answer is correct. What should be considered the lease term? The lease term 10 years e Textbook and Media List of Accounts Attempts: 2 of 3 used Your Answer Correct Answer Your answer is correct What is the present value of the lease payments (1) for classification of the lease and (2) for measurement of the lease liability? (Round final artswers to decimal place, s. 5,432) 1 $ 473742 2 5 426523 e Textbook and Media Pharoah Company on January 1, 2021, enters into a 9-year noncancelable lease for equipment having an estimate years and a fair value to the lessor Daly Corp., at the inception of the lease of $4.440,000 Pharoah's incremental 8%. Pharoah uses the straight-line method to depreciate its assets. The lease contains the following provisions: Rental payments of $300,000 for property taxes, payable at the beginning of each six-month period. . An option allowing the lesson to extend the lease one year beyond the lease term. A guarantee by Pharoah Company that Daly Corp. will realize $205,000 from selling the asset at the expira lease. However, the actual residual value is expected to be $150,000. 1. WN Click here to view factor tables. (a) Your answer is correct. What kind of lease is this to Pharoah Company? Finance Lease e Textbook and Media List of Accounts Attems (b) Your answer is correct What should be considered the lease term? The lease term 10 years