Exercise 15-14 Presented below are two independent situations. 1. Flinthills Car Rental leased a car to Jayhawk Company for one year. Terms of the operating lease agreement call for monthly payments of 2. On January 1, 2017, Throm Inc. entered into an agreement to lease 20 computers from Drummond Electronics. The terms of the lease $700 agreement require three annual rental payments of $27,500 (including 8% interest) beginning December 31, 2017. The present value of the three rental payments is $70,870. Throm considers this a capital lease Prepare the appropriate journal entry to be made by Jayhawk Company for the first lease payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the lease agreement on the books of Throm Inc. on January 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Debit Click if you would like to Show Work for this question: Open Show Work