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Sandhill Incorporated leases a piece of machinery to Indigo Company on January 1, 2020, under the following terms. 1. The lease is to be for 4 years with rental payments of $16,673 to be made at the beginning of each year. 2. The machinery' has a fair value of $87,056, a book value of $64,960, and an economic life of 10 years. At the end of the lease term, both parties expect the machinery to have a residual value of $32,480. To protect against a large 3. loss, Sandhill requests Indigo to guarantee $23,110 of the residual value, which Irving agrees to do. The lease does not transfer ownership at the end of the lease term, does not have any bargain purchase options, and the asset is 4. not of a specialized nature. 5. The implicit rate is 5%, which is known by Indigo. 6. Collectibility of the payments is probable. Click here to view factor tables. Evaluate the criteria for classification of the lease, and describe the nature of the lease. For the lessee, it is a finance lease 4 , and for the lessor, it is a sales-type lease Prepare the journal entries for Indigo for the year 2020. (Credit account titles are automatically indented when the 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 present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 Right-of-Use Asset Lease Liability (To record lease) Jan. 1 Lease Liability Cash (To records first lease payment) Dec. 31 Interest Expense Lease Liability (To record accrued interest) Dec. 31 Amortization Expense Right-of-Use Asset (To record amortization expense) Prepare the journal entries for Sandhill for the year 2020. (Credit account titles are automatically indented when the 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 present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 Lease Receivable Cost of Goods Sold Sales Revenue Inventory (To record lease) Jan. 1 Cash Lease Receivable (To record first lease payment) Dec. 31 Lease Receivable Lease Revenue (To record lease revenue) Evaluate the criteria for classification of the lease, and describe the nature of the lease, assuming that Indigo did not guarantee any amount of the expected residual value. For the lessee, it is a sales-type lease, and for the lessor, it is a sales-type lease 4 e Textbook and Media List of Accounts Suppose Indigo did not guarantee any amount of the expected residual value. Prepare the journal entries for Indigo for the year 2020. (Credit account titles are automatically indented when the 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 present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 5,275.) Debit Credit Date Account Titles and Explanation Jan. 1 Right-of-Use Asset Lease Liability (To record lease) Jan. 1 Lease Liability Cash (To record first lease payment) Dec. 31 (To record interest and amortization) Suppose Indigo did not guarantee any amount of the expected residual value. Prepare the journal entries for Sandhill for the year 2020. (Credit account titles are automatically indented when the 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. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 (To record lease payments) Dec. 31 (To record lease revenue) Dec. 31 (To record depreciation)