Question: I can't get the numbers in the red right. Please help. Monty Corporation enters into a 6-year lease of equipment on January 1, 2017, which

I can't get the numbers in the red right. Please help.

Monty Corporation enters into a 6-year lease of equipment on January 1, 2017, which requires 6 annual payments of $41,600 each, beginning January 1, 2017. In addition, Monty guarantees the lessor a residual value of $19,800 at lease-end. The equipment has a useful life of 6 years. Prepare Monty' January 1, 2017, journal entries assuming an interest rate of 10%. (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 0 for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to o decimal places e.g. 58,971.) Click here to view factor tables Date Account Titles and Explanation Debit Credit January 1, 2017 Leased Equipment 205935 205935 | Lease Liability (To record the lease.) January 1, 2017 Lease Liability 41600 Cash 41600 (To record first lease payment.)

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