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Question 3 View Policies Show Attempt History Current Attempt in Progress Marin Company leases an automobile with a fair value of $21,505 from John Simon Motors, Inc., on the following terms: 1. Non-cancelable term of 50 months. 2. Rental of $450 per month (at the beginning of each month). 3. Marin guarantees a residual value of $1,440. Delaney expects the probable residual value to be $1,440 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Marin's incremental borrowing rate is 6% a year (0.5% a month), Simon's implicit rate is unknown. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) Your answer is correct. What is the nature of this lease to Marin? W 8 List of Accounts Attempts: 1 of 5 used (b) X Your answer is incorrect. What is the present value of the lease payments to determine the lease liability? (Round answer to decimal places, eg. 5,275.) Present value of the lease payments $ 21086 eTextbook and Media List of Accounts Save for Later Attempts: 1 of 5 used Submit Answer (c) The parts of this question must be completed in order. This part will be available when you complete the part above. 8 AP W