Your answer is partially correct. Pharoah Corporation, which uses ASPE, enters into a 6-year lease of equipment on September 1, 2020. that requires 6 annual payments of $30,000 each, beginning September 1.2020. The equipment has a useful life of seven years. Assume that a residual value of $16,900 is expected at the end of the lease, but that Pharoah does not guarantee the residual value. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Using (1) tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the capital lease. Prepare Pharoah's September 1.2020 journal entry, assuming an interest rate of 8% and that Merrill also uses ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round factor values to 5 decimal places, es. 1.25124 and final answers to decimal places, eg,5,275) Account Titles and Explanation Debit Credit Equipment under lease Obligations under Lease Cash 30000 To record inception of lease and first lease payment.) e Textbook and Media