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2 Present Value of $1 TABLE 6 Present Value of an Annuity Due of $1 PVAD=21(1+i)n1(1+i) er 31,2024 Cash 42,200 Lease Receivable 42,200 (To record receipt of lease payment) ar 31.2025 Lease Receivable 17,208 Interest Receivable 17,208 TABLE 4 Present Value of an Ordinary Annuity of $1 PVA=i1(1+)1 Blue Corporation enters into a 6-year lease of equipment on December 31,2024, which requires 6 annual payments of $42,200 each, beginning December 31,2024 . In addition, Blue guarantees the lessor a residual value of $19,500 at the end of the lease. However, Blue believes it is probable that the expected residual value at the end of the lease term will be $9,500. The equipment has a useful life of 6 years. Assume that for Lost Ark Compary, the lessor, collectibility of lease payments is probable and the carrying amount of the equipment is $160,000. Prepare Lost Ark's 2024 and 2025 journal entries, assuming the implicit rate of the lease is 10% and this is known to Blue. (Record journal entries in the order presented in the problem. 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 O for the amounts. List all debit entries before credit entries. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places eg. 5,275.) Click here to view factor tables