Determining Lease Type and Recording Journal Entries-Lessee and Lessor zero residual value at the end of Year 6 . There is no purchase option, and the asset is retained by Rentals Inc. at the end of the lease term. The accounting period for both lessor and lessee ends December 31. Required a. Compute the annual lease payment calculated by the lessor. - Note: Round your answer to the nearest whole dollar. Use the rounded amount for later calculations. - Note: Do not use negative signs with your answer. Lease Payment
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