CALCULATOR PRINTER VERSION BACK Exercise 21A-2 a-c (Part Level Submission) On December 31, 2016, Shamrock Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Shamrock to make annual payments of $8,215 at the beginning of each year, starting December 31, 2016. The machine has an estimated useful life of 6 years and a $5,200 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Shamrock uses the straight-line method of depreciation for all of its plant assets. Shamrock's incremental borrowing rate is 11%, and the lessor's implicit rate is unknown. Click here to view the factor table. Your answer is correct CES Prepare all necessary journal entries for Shamrock for this lease through December 31, 2017. (Record journal entries in t Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer ar Date Account Titles and Explanation Debit Credit on) 12/31/16-Lease Expense 33702 udy Lease Liability 33702 (To record the lease) 12/31/16 Lease Liability 8215 Cash 8215 To record first lease payment) 2/31/17Depreciation Expense Accumulated Depreciation-Capital Leases (To record amortization of the right-of-use asset) 12/31/17 Lease Liablity Interest Payable Cash