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Auen Progress Your answer is partially correct, Marigold Corporation enters into a 7-year lease of equipment on December 31, 2019, which requires 7 annual payments of $37,500 each, beginning December 31, 2019. In addition, Marigold guarantees the lessor a residual value of $18.700 at the end of the lease. However, Marigold believes it is probable that the expected residual value at the end of the lease term will be $8,700. The equipment has a useful life of 7 years. Assume that for Lost Ark Company, the lessor, collectibility of lease payments is probable and the carrying amount of the equipment is $170,000 Prepare Lost Ark's 2019 and 2020 journal entries, assuming the implicit rate of the lease is 9% and this is known to Marigold. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places es. 5.275. Record journal entries in the order presented in the problem.) Click here to view factor tables, Debit CE Date Account Titles and Explanation 13:14 Question 8 of 10 > 0.33/1 Cast of Goods Sold 170000 Sales Reven Inventory (To record the lease) ID E (To record receipt of lease payment) IND