#8 please answer all parts. please read the questionumbers carefully! similar questions may already be posted to Chegg but they have slightly different numbers (or incorrect answers). i will give upvote/thumbs up for correct answer! thank you for your help!

*if you give me an email and ask for money I will report you*

Flounder Leasing Company agrees to lease equipment to Culver Corporation on January 1,2025. The following information relates to the lease agreement. 1. The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years. 2. The cost of the machinery is $489,000, and the fair value of the asset on January 1,2025, is $699,000. 3. At the end of the lease term, the asset reverts to the lessor and has a guaranteed residual value of $60,000. Culver estimates that the expected residual value at the end of the lease term will be $60,000. Culver amortizes all of its leased equipment on a straight-line basis. 4. The lease agreement requires equal annual rental payments, beginning on January 1, 2025. 5. The collectibility of the lease payments is probable. 6. Flounder desires a 9% rate of return on its investments. Culver's incremental borrowing rate is 10%, and the lessor's implicit rate is unknown. (Assume the accounting period ends on December 31.) Calculate the amount of the annual rental payment required. (Round present value factor calculations to 5 decimal places, e. 1.25124 and the final answer to 0 decimal places e.g. 58,972 .) Annual rental payment $ Compute the value of the lease liability to the lessee. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,972 .) Present value of minimum lease payments Prepare the journal entries Culver would make in 2025 and 2026 related to the lease arrangement. (Credit account titles are automatically indented when amount 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 answers to 0 decimal places e. . 58,972. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (To record amortization.) (To record interest.) (To record amortization.) (To record interest.) Prepare the journal entries Flounder would make in 2025 and 2026 related to the lease arrangement. (Credit account titles are automatically indented when amount 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 answers to 0 decimal places eg. 58,972. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (To record lease payment.) Suppose Culver expects the residual value at the end of the lease term to be $50,000 but still guarantees a residual of $60,000. Compute the value of the lease liability at lease commencement. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,972 .) Lease liability