Wildhorse Incorporated leases a plece of machinery to Swifty Company on January 1,2020 , under the following terms. 1. The lease is to be for 4 years with rental payments of $13,350 to be made at the beginning of each year. 2. The machinery' has a fair value of $71,722, a book value of $53,520, and an economic life of 10 years. 3. At the end of the lease term, both parties expect the machinery to have a residual value of $26,760. To protect against a large loss, Wildhorse requests 5 wifty to guarantee $18,820 of the residual value, which Swifty agrees to do. 4. The lease does not transfer ownership at the end of the lease term, does not have any bargain purchase options, and the asset is not of a specialized nature. 5. The implicit rate is 5%, which is known by Swifty. 6. Collectibility of the payments is probable. Click here to view factor tables, Prepare the journal entries for Swifty for the year 2020. (Credit account titles are automatlcally Indented when the omount 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 present value factor colculations to 5 declmai places, eg. 1.25124 and the final answer to 0 decimal places e.g. 5,275 .) Prepare the journal entries for Wildhorse for the year 2020 . (Credit account titles are automatically indented when the amount is entered. Do not indent monuolly. If no entry Is required, select "No Entry" for the account titles and enter O for the amounts. Round present value foctor calculations to 5 declmai places, eg. 1.25124 and the final answer to 0 decimal places e. ,5,275. Suppose Swifty did not guarantee any amount of the expected residual value. Prepare the journal entries for Swifty for the year 2020. (Credlt occount tthes are outomatically indented when the omount is entered. Do not indent manuolly. If no entry is required, select "No Entry" for the account tittes and enter Ofor the amounts. Round present value foctor calculations to 5 decimal places, eg. 1.25124 and the final answer to 0 declmal places eg. 5,275.) Suppose Swifty did not guarantee any amount of the expected residual value. Prepare the journal entries for Wildhorse for the year 2020. (Credit occount titles are qutomatically Indented when the omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round present volue factor calculations to 5 decimal places, eg. 1.25124 and the final answer to 0 decimal places eg. 5,275.)