Winsdor enters into and agreement with Traveler Inc. to lease a car on December 31, 2019. The following information relates to this agreement.

1. The term of the non-cancelae lease is 3 years with no renewal or bargain purchase option. The remaining economic life of the car is 3 years, and it is expected to have no residual value at the end of the lease term.

2. The fair value of the car was $12,300.00 at commencement of the lease.

3. Annual payments are required to be made on December 31 at the end of each year of the lease, beginning December 31, 2020. The first payment is to be of an amount of $4,553.20, with each payment increasing by a constant rate of 5% from the previous payment (i.e., the second payment will be $4,780.86 and the third and final payment will be $5,019.90).

4. Windsor' incremental borrowing rate is 8%. The rate implicit in the lease is unkown.

5. Windsor uses straight-line depreciation for all similar cars.

(a) Prepare Windsor' journal entries for 2019, 2020, 2021

The term of the non-cancetabile lease is 3 years with no renewal or bargain purchase option the s e of the car is 3 years, and it is expected to have no residual value at the end of the wave he The fair value of the car was $12.300.00 at commencement of the lease d Annual payments are required to be made on December 31 at the end of each year of the lease, beginning december 31, 2020 The first payment is to be of an amount of $4,553.20, with each payment in reaning by a constant rate of 5% from the previous payment (e, the second payment will be $4.700 86 and the third and final payment will be $5.019.901 Windsor' incremental borrowing rate is 8%, The rate implicit in the lease is unknown. 5 Windsor uses straight-line depreciation for all similar cars. (a) Prepare Windsor' journal entries for 2019, 2020, and 2021 Edit Format Table 12pt Paragraph BIUA 2 T~|| | The term of the non-cancetabile lease is 3 years with no renewal or bargain purchase option the s e of the car is 3 years, and it is expected to have no residual value at the end of the wave he The fair value of the car was $12.300.00 at commencement of the lease d Annual payments are required to be made on December 31 at the end of each year of the lease, beginning december 31, 2020 The first payment is to be of an amount of $4,553.20, with each payment in reaning by a constant rate of 5% from the previous payment (e, the second payment will be $4.700 86 and the third and final payment will be $5.019.901 Windsor' incremental borrowing rate is 8%, The rate implicit in the lease is unknown. 5 Windsor uses straight-line depreciation for all similar cars. (a) Prepare Windsor' journal entries for 2019, 2020, and 2021 Edit Format Table 12pt Paragraph BIUA 2 T~|| |