On January 1, 2020, a machine was purchased for $400,000 by Younger Leasing Co. The machine...

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On January 1, 2020, a machine was purchased for $400,000 by Younger Leasing Co. The machine is expected to have a 10-year life with no salvage value. It is to be depreciated on a straight-line basis. The machine was leased to Juniper Inc. for 3 years on January 1. 2020, with annual rent payments of $69,560 due at the beginning of each year, starting January 1, 2020. The machine is expected to have a residual value at the end of the lease term of $260,000, though this amount is unguaranteed. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) mar entries for the less Date Account Titles and Explanation Debit Credit : (To record purchase of machinery) (To record first lease payment) (To record lease revenue) On January 1, 2020, a machine was purchased for $400,000 by Younger Leasing Co. The machine is expected to have a 10-year life with no salvage value. It is to be depreciated on a straight-line basis. The machine was leased to Juniper Inc. for 3 years on January 1. 2020, with annual rent payments of $69,560 due at the beginning of each year, starting January 1, 2020. The machine is expected to have a residual value at the end of the lease term of $260,000, though this amount is unguaranteed. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) mar entries for the less Date Account Titles and Explanation Debit Credit : (To record purchase of machinery) (To record first lease payment) (To record lease revenue)