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12 Question 7 View Policies Show Attempt History Current Attempt in Progress On January 1, 2020, Cage Company contracts to lease equipment for 5 years, agreeing to make a payment of $120,987 at the beginning of each year, starting January 1, 2020. The leased equipment is to be capitalized at $550,000. The asset is to be amortized on a double-declining-balance basis, and the obligation is to be reduced on an effective interest basis. Cage's incremental borrowing rate is 6%, and the implicit rate in the lease is 5%, which is known by Cage Title to the equipment transfers to Cage at the end of the lease. The asset has an estimated useful life of 5 years and no residual value. Click here to view factor tables. Your answer is correct. Prepare the journal entries that Cage should record on January 1, 2020. (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 for the amounts. Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit 17 A W TALK List of Accounts I * Your answer is incorrect. How would the value of the lease liability in part b change if Cage also agreed to pay the fixed annual insurance on the equipment of $2,000 at the same time as the rental payments? (Round answers to decimal places, e.g. 5,275.) The lease liability $ 117226 e Textbook and Media List of Accounts Save for Later W TALK