ament CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 21A-24 Larkspur, Inc. has entered an agreement to lease an old warehouse with a useful life of 5 years and a fair value of $31,000 from United Corporation. The agreement stipulates the following Rental payments of $7,189 are to be made at the start of each year of the 5-year lease. No residual value is expected at the end of the lease Larkspur must reimburse United each year for any real estate taxes incurred for the year. Last year, the cost of real estate taxes was 1600, though these costs vary from year to year Larkspur must make a payment of $500 with the rental payment each period to cover the insurance United has on the warehouse Larkspur paid legal fees of $2,500 in executing the lease. Assuming Larkspur's incremental borrowing rate is and the rate implicit in the lease is unknown, prepare the journal entry to record the (Credit account titles are automatically indented when the amount is entered. Do not indent manually. For calculation purposes, table provided and round final answers to decimal places, e.g. 5,275.) ease b y and night of use for Larkspur es decimal places as displayed in the factor Click here to view the factor table. Account Titles and Explanation Debit Right-of-Use Asset Cash Lease Liability By accessing this question Assistance, you will learn while you can points based on the Point Potential Policy set by your instructor SUBMIT ANSWER Question Attempts: 0 of 4 used SAVE FOR LATER Earn Maximum Points available only if you