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ES Your answer is partially correct. Try again. Monty Corporation enters into a 6-year lease of equipment on January 1,, 2017, which requires 6 annual payments of $40,100 each, beginning January 1, 2017. In addition, Monty guarantees the lessor a residual value of $20,300 at lease-end. The equipment has a useful life of 6 years. Prepare Monty' January 1, 2017, journal entries assuming an interest rate of 11% , ( 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 0 for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) Click here to view factor tables Date Account Titles and Explanation Credit Debit January 1, 2017 Leased Equipment 180498 Lease Liability 180498 (To record the lease.) January 1, 2017 Lease Liability 40100 40100 Cash (To record first lease payment.)