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Question 21 (2.5 points) On January 2, 2021, Gland Company leases equipment to Brand Co. with 5 equal annual payments of $160,000 each, payable beginning January 2, 2021. Brand Co. agrees to guarantee the $150,000 residual value of the asset at the end of the lease term. The expected value of the residual value is $50,000. Brand's incremental borrowing rate is 10%, however it knows that Gland's implicit interest rate is 8%. What journal entry would Brand Co. make at January 2, 2021 to record the lease? 8%, 5 periods 10%, 5 periods PV Annuity Due 4.31213 4.16986 Dr: Right-of-Use Asset Cr: Lease Liability Dr: Right-of-Use Asset Cr: Cash Cr: Lease Liability Dr: Right-of-Use Asset Cr: Cash Cr: Lease Liability Saved Dr: Right-of-Use Asset Cr: Cash Cr: Lease Liability PV Ordinary Annuity 3.99271 3.79079 PV Single Sum .68508 .62092 598,449 598,449 707,342 160,000 547,342 758,449 160,000 598,449 689,940 160,000 529,940