SIGNMENT RESOURCES CC-371 TOPIC 06 ESIGNMENT Exercise 21-02 (Part Level Submission) Exercise 21-03 (Part Level Submission) Exercise 21-12 (Part Level Submission hrome Problem 21-03 (Part Level Submission) Martinez Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $57,000 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 6%; Martinez's incremental borrowing rate is 8%. the lessor. At the end of the lease, Martinez has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Martinez uses the straight-line method of depreciation on similar owned O x factor tables. com/edugen/player/references/index.un... partially correct. Try again. Future Value of 1 (Futur FVEnii al entries, that Martinez should record on December 31, 2020. (Credit account titles are dented when amount is entered. Do not indent manually. If no entry is required, select pe account titles and enter o for the amounts. Round present value factor calculations to e.g. 1.25124 and the final answers to 0 decimal places, e.g. 58,971.) Account Titles and Explanation Debit Credit 2% 1.02000 1.04040 1.06121 1.08243 1.10408 232% 1.02500 1.05063 1.07689 1.10381 1.13141 3 1.03 1.06 1.09 TRight-of-Use Asset 2 1.12 Lease Liability 1.15 (To record leased asset and related liability.) Lease Liability 1.12616 1.14869 1.17166 1.19509 1.21899 1.15969 1.18869 1.21840 1.24886 1.28008 1.19 1.22 1.26 1.30 1.34 TCash (To record the first rental payment.) OUNTS 1.24337 1.26824 1.29361 1.31948 1.34587 1.31209 1.34489 1.37851 1.41297 1.44830 1.38 1.42 1.46 1.51 1.55 INK TO TEXT Attempts: 1 of 5 used