Question: PLEASE POST STEPS AND DO NOT USE PREVIOUS ANSWERS ON CHEGG THEY ARE INCORRECT! Problem 5. Everything remains the same as Problem 4 except that

PLEASE POST STEPS AND DO NOT USE PREVIOUS ANSWERS ON CHEGG

PLEASE POST STEPS AND DO NOT USE PREVIOUS ANSWERS ON CHEGG THEY ARE INCORRECT!

Problem 5. Everything remains the same as Problem 4 except that emains the same as Problem 4 except that the residual value of $15,000 at the end of the lease is guaranteed. Instructions a. Determine the present value of the lease payments. b. Classify the lease from the standpoint of the lessee and lessor, giving reasons. c. Prepare the journal entries of the lessee through December 31, 2020. d. Prepare the journal entries of the lessor through December 31, 2020. K21-1 Problem 5. Everything remains the same as Problem 4 except that emains the same as Problem 4 except that the residual value of $15,000 at the end of the lease is guaranteed. Instructions a. Determine the present value of the lease payments. b. Classify the lease from the standpoint of the lessee and lessor, giving reasons. c. Prepare the journal entries of the lessee through December 31, 2020. d. Prepare the journal entries of the lessor through December 31, 2020. K21-1

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