this assignment due tonight by 11 . can you please help me ASAP

can you please ignore the first image and help me with the textbook solution. E21-10

BIU. A. Merge & Center - $ . % * Formatting Table to Copy Format Painter Cipboard Number Alignment Font H E21-10 Lessor Journal Entries. Compute of rental Page 1243 Show your calculations. 4 ) Assuming the lessor desires a 10% rate of return on its investment, calculate the amount of the annual rental payment required 6 Fat value=$245,000 7 fair valement factor + resichual value x factor 8 543.622 56447 = 24,623.3 220,376.69/4.79079 = 46,000 12 b) Prepare an amortization schedule that would be suitable for the lessor for the lease term 13. Show your calculations. Annual Lease Payment Plus URV Interest (10%) on Recovery of Lease Lease Receive Receivable 16 Date 17 1/1/2017 18 1/1/2017 19 1/1/2018 20 1/1/2019 21 1/1/2020 22 1/1/ 2021 23 1/1/2022 24 12/31/ 2022 $46,000 46,000 46,000 46,000 4 6,000 46.000 4 3.622 $319.622 27 Prepare all of the journal entries for the lessor for 2017 and 2018 to record the lease 2 Aume that the lessor's annual accounting period ends on December 31 1May-17 Lease receivable Equipment $245,000 $245.000 46.000 Lease receivable 215 21-10 214 E21-11 P214 215 46,000 217 E21-10 (L03) (Computation of Rental: Journal Entries for Lessor) Morgan Leasing Company signs an agreement on January 1, 2017, to lease equipment to Cole Company. The following information relates to this agreement. 1. The term of the noncancelable lease is 6 years with no renewal option. The equipment has an estimated economic life of 6 years. 2. The cost of the asset to the lessor is $245,000. The fair value of the asset at January 1, 2017, is $245,000 3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $43,622, none of which is guaranteed. 4. Cole Company assumes direct responsibility for all executory costs. 5. The agreement requires equal annual rental payments, beginning on January 1, 2017 6. Collectibility of the lease payments is reasonably predictable. There are no important uncertainties surrounding the amount of costs yet to be incurred by the lessor. Instructions (Round all numbers to the nearest cent.) (a) Assuming the lessor desires a 10% rate of return on its investment, calculate the amount of the annual rental payment required. (Round to the nearest dollar.) (b) Prepare an amortization schedule that would be suitable for the lessor for the lease term. (d) Prepare all of the journal entries for the lessor for 2017 and 2018 to record the lease agreement, the receipt of lease pay ments, and the recognition of income. Assume the lessor's annual accounting period ends on December 31. refer to the data in 21-8 and do the following for the LOUI (a) Compute the amount of the lease receivable at the inception of the lease. (b) Prepare a lease amortization schedule for Mooney Leasing Company for the 5-year lease term. Prepare the journal entries to reflect the signing of the lease agreement and to record the receipts and income related to this lease for the years 2017, 2018, and 2019. The lessor's accounting period ends on December 31. Reversing entries are not used by Mooney. 19 TL03) (Computation of Rental: Journal Entries for Lessor) Morgan Leasing Company signs an agreement on Fantary 1, 2017, to lease equipment to Cole Company. The following information relates to this agreement. 1. The term of the noncancelable lease is 6 years with no renewal option. The equipment has an estimated economic life of 6 years. 2. The cost of the asset to the lessor is $245,000. The fair value of the asset at January 1, 2017, is $245,000. te lessor at the end of the lease term, at which time the asset is expected to have a residual value of $43,622, none of which is guaranteed. 4. Cole Company assumes direct responsibility for all executory costs. 5. The agreement requires equal annual rental payments, beginning on January 1, 2017 6. Collectibility of the lease payments is reasonably predictable. There are no important uncertainties surrounding the amount of costs yet to be incurred by the lessor. Instructions (Round all numbers to the nearest cent.) (a) Assuming the lessor desires a 10% rate of return on its investment, calculate the amount of the annual rental payment required. (Round to the nearest dollar.) (b) Prepare an amortization schedule that would be suitable for the lessor for the lease term. (c) Prepare all of the journal entries for the lessor for 2017 and 2018 to record the lease agreement, the receipt of lease pay ments, and the recognition of income. Assume the lessor's annual accounting period ends on December 31