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m D . ..: 7 : ; D Connect E] https eztomheducatloncom '- AF'erfm'maMe EMail merry Home W Black lard age EMall in linkedln Indeed Thnft Savlngs Plan Gangle 1:10 '- Other' lav Chapter 15 0 Saved Check my work made This shows what is correct or incorrecr for the work you have completed so far. II does not Help Save & Exit Submit 3 points Universal Leasing leases electronic equipment to a variety of businesses. The company's primary service is providing alternate nancing by acquiring equipment and leasing it to customers under longeterm leases. Universal earns interest under these arrangements at a 12% annual rate. Universal purchased an electronic typesetting machine on December 31, 2020. for $104,000 and then leased it to Desktop. Inc.. a local publisher. The sixeyear operating lease term commenced January 1, 2021. and the lease contract specied annual payments of $9,400 beginning December 31, 2021. and on each December 31 through 2026. The machine's estimated useful life is 15 years with no estimated residual value. The publisher had the option to terminate the lease af'terfour years. At the beginning of the lease, there was no reason to believe the lease would be terminated. Required: 1. Prepare the appropriate entries for Universal Leasing from the beginning of the lease through the end of 2021. 2. At the beginning of 2022. there was a significant indication that Desktop's economic incentive to terminate the lease had changed causing both companies to believe termination of the lease at the end of four years (three years remaining) is "reasonably certain." Prepare any appropriate entry for Universal Leasing at January 1. 2022. to reect the change in the lease term. 3. Prepare the appropriate entry pertaining to the lease for Universal Leasing at December 31, 2022. 8 Answer is not complete. Complete this qualion by entering your answers in the tabs below. Requlred 1 Requlred 2 Regulred 3 80f9 .Next > Return to quest n