present value or future value table?

Branif Leasing leases mechanical equipment to industrial consumers under sales-type leases that earn Branif a 10 % rate of return for providing long-term financing. A lease agreement with Branson Construction specified 20 annual payments beginning December 31 2018, the beginning of the lease. The estimated useful life of the leased equipment is 20 years with no residual value. Its cost to Branif was $936,492. The lease qualifies as a finance lease to Branson. Maintenance of the equipment was contracted for through a 20-year service agreement with Midway Service Company requiring 20 annual payments of $3,000 beginning December 31, 2018. Progressive Insurance Company charges Branif $3,000 annually for hazard insurance coverage on the equipment. Both companies use straightline depreciation or amortization. (EV of $1. PV of $1, EVA of $1, PVA of $1, EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Prepare the appropriate entries for both the lessee and lessor to record the second lease payment and depreciation on December 31, 2019, under each of three independent assumptions: 1. The lessee pays maintenance costs as incurred. The lessor pays insurance premiums as incurred. The lease agreement requires annual payments of $100,000. 2. The contract specifies that the lessor pays maintenance costs as incurred. The lessee's lease payments were increased to $103,000 to include an amount sufficient to reimburse these costs 3. The lessee's lease payments of $103,000 included $3,000 for hazard insurance on the equipment rather than maintenance. Complete this question by entering your answers in the tabs below. Required 1 Required 1 Lessor Required 2 Lessee Required 2 Lessor Required 3 Lessee Required 3 Lessor Lessee The lessee pays maintenance costs as incurred. The lessof pays insurance premiums as incurred. The lease agreement requires annual payments of $100,000. (If no entry is required for a transction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar.) View transaction list View journal entry worksheet No Event General Jourmal Debit Credit Lease payable 49.050 Interest expense 250 960 Cash 300.000 Branif Leasing leases mechanical equipment to industrial consumers under sales-type leases that earn Branif a 10 % rate of return for providing long-term financing. A lease agreement with Branson Construction specified 20 annual payments beginning December 31 2018, the beginning of the lease. The estimated useful life of the leased equipment is 20 years with no residual value. Its cost to Branif was $936,492. The lease qualifies as a finance lease to Branson. Maintenance of the equipment was contracted for through a 20-year service agreement with Midway Service Company requiring 20 annual payments of $3,000 beginning December 31, 2018. Progressive Insurance Company charges Branif $3,000 annually for hazard insurance coverage on the equipment. Both companies use straightline depreciation or amortization. (EV of $1. PV of $1, EVA of $1, PVA of $1, EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Prepare the appropriate entries for both the lessee and lessor to record the second lease payment and depreciation on December 31, 2019, under each of three independent assumptions: 1. The lessee pays maintenance costs as incurred. The lessor pays insurance premiums as incurred. The lease agreement requires annual payments of $100,000. 2. The contract specifies that the lessor pays maintenance costs as incurred. The lessee's lease payments were increased to $103,000 to include an amount sufficient to reimburse these costs 3. The lessee's lease payments of $103,000 included $3,000 for hazard insurance on the equipment rather than maintenance. Complete this question by entering your answers in the tabs below. Required 1 Required 1 Lessor Required 2 Lessee Required 2 Lessor Required 3 Lessee Required 3 Lessor Lessee The lessee pays maintenance costs as incurred. The lessof pays insurance premiums as incurred. The lease agreement requires annual payments of $100,000. (If no entry is required for a transction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar.) View transaction list View journal entry worksheet No Event General Jourmal Debit Credit Lease payable 49.050 Interest expense 250 960 Cash 300.000