CALCULATOR DE INSTRUCTOR FULL SCREEN PROTER VERSION BLACK NEXT Pinsson Leasing Company leases a new machine to Sharrer Corporation. The machine has a cost of $55,000 and fair value of $90,500. Under the 3 year, non cancelable contract, Sharrer will receive the to the machine the end of the lease. The machine has a 3-year useful life and no residual value. The lease was signed on January 1, 2020. Blossom expects to earn an 8% return on its investment, and this implicitrate is known by Shamrer. The annual rentals are payable on each December 31, beginning December 31, 2020 Click here to view factor tables Prepare an amortization schedule that would be suitable for both the lessor and the lessee and that covers all the years involved. (For calculation purposes, se decimal places as displayed in the factor table provided and round final answers to 0 decimal places e.g. 5,275.) Date Rent Receipt Payment Interest Revenue Expense Reduction of Principal Receivable Liability 1/1/20 12/31/20 12/31/21 12/31/22 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT ni Corarunt titles are automatically indented when amount is entered. Do not indent manually Prepare the journal entry at commencement of the lease for Blossom. (Credit account titles are automatically indented when Date Account Titles and Explanation Debit Credit 1/1/20 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the journal entry at commencement of the lease for Sharrer. (Credit account titles are automatically indented when amo Date Account Titles and Explanation Debit Credit 1/1/20