Whatever in red is incorrect

Guaranteed Residual Value Account Titles and Explanation Capitalization of lease Sept. 1, 2023: Lease Liability Obligations under Lease August 31, 2024: Interest Expense Obligations under Lease (To record interest expense) Debit Credit Crane Corporation, which uses ASPE, enters into a 6-year lease of equipment on September 1, 2023, that requires 6 annual payments of $32,000 each, beginning September 1, 2023. In addition, Crane guarantees the lessor a residual value of $21,200 at lease end. The equipment has a useful life of seven years. Assume an interest rate of 8\%. (Use tables below, a financial calculator, or Excel functions.) Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Prepare a schedule contrasting the journal entries prepared using a guaranteed residual value with those using an unguaranteed residual value. Include in your schedule entries on August 31, 2024, for the year-end accrual of interest in the lease obligation and the recording of annual depreciation expense using the straight-line method and assuming no residual value. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Depreciation Expense \begin{tabular}{|r|r|} \hline & 23790 \\ \hline \end{tabular} Accumulated Depreciation - Leased Equipment \begin{tabular}{|l||} \hline 23790 \\ \hline \end{tabular} (To record depreciation) Unguaranteed Residual Value Debit Credit \begin{tabular}{|r|} \hline \hline 18954 \\ \hline \end{tabular} Guaranteed Residual Value Account Titles and Explanation Capitalization of lease Sept. 1, 2023: Lease Liability Obligations under Lease August 31, 2024: Interest Expense Obligations under Lease (To record interest expense) Debit Credit Crane Corporation, which uses ASPE, enters into a 6-year lease of equipment on September 1, 2023, that requires 6 annual payments of $32,000 each, beginning September 1, 2023. In addition, Crane guarantees the lessor a residual value of $21,200 at lease end. The equipment has a useful life of seven years. Assume an interest rate of 8\%. (Use tables below, a financial calculator, or Excel functions.) Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Prepare a schedule contrasting the journal entries prepared using a guaranteed residual value with those using an unguaranteed residual value. Include in your schedule entries on August 31, 2024, for the year-end accrual of interest in the lease obligation and the recording of annual depreciation expense using the straight-line method and assuming no residual value. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Depreciation Expense \begin{tabular}{|r|r|} \hline & 23790 \\ \hline \end{tabular} Accumulated Depreciation - Leased Equipment \begin{tabular}{|l||} \hline 23790 \\ \hline \end{tabular} (To record depreciation) Unguaranteed Residual Value Debit Credit \begin{tabular}{|r|} \hline \hline 18954 \\ \hline \end{tabular}