Prepare all necessary journal entries for Oriole for 2025. (List all debit entries before credit entries....

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Prepare all necessary journal entries for Oriole for 2025. (List all debit entries before credit entries. 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. Round answers to O decimal places e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (To record the lease) (To record the first lease payment) Debit Credit Oriole Company, a machinery dealer, leased a machine to Pharoah Corporation on January 1, 2025. The lease is for an 8-year period and requires equal annual payments of $31,144 at the beginning of each year. The first payment is received on January 1, 2025. Oriole had purchased the machine during 2024 for $123,000. Collectibility of lease payments by Oriole is probable. Oriole set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Oriole at the termination of the lease. Click here to view factor tables. (a) Your answer is correct. Compute the amount of the lease receivable. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to O decimal places e.g. 5,275.) Amount of the lease receivable A $ 205002 Prepare all necessary journal entries for Oriole for 2025. (List all debit entries before credit entries. 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. Round answers to O decimal places e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (To record the lease) (To record the first lease payment) Debit Credit Oriole Company, a machinery dealer, leased a machine to Pharoah Corporation on January 1, 2025. The lease is for an 8-year period and requires equal annual payments of $31,144 at the beginning of each year. The first payment is received on January 1, 2025. Oriole had purchased the machine during 2024 for $123,000. Collectibility of lease payments by Oriole is probable. Oriole set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Oriole at the termination of the lease. Click here to view factor tables. (a) Your answer is correct. Compute the amount of the lease receivable. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to O decimal places e.g. 5,275.) Amount of the lease receivable A $ 205002