Wicherse Corporation entr e a 6-year ease of upment on December 31, 2016. which requires a payments 41,000 each, December 11, 2016. In addition, withonse guarantees the lessor dual of $21.00 mt the end of the lease. However, Withers beves probable that the expected residual value at the end of the lease term will be $11,300 The equipment has a life of years. Aume that for Lost Ark Company, the lesso, collectity of lease payments probable and the carrying amount of the equipment $170,000 Prepare Lost Ark's 2016 and 2017 Jual entries, ing the implicit rate of the lease is 11 and this known to widhorse (Cred account s are automatically indented when amount is entered. De net inden manually.Por calculation purpose we decimal places as played in the factor de provided and round a nswers to decimal places g. 5275 Ock here to view the factor table December 31, 2016 (Te record the lease) December 31, 2016 (Te record recept of lease payment) December 31, 2017