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Exercise 15-27 (Algo) Lessee; lessee guaranteed residual value [LO15-2, 15-6] On January 1, 2021, Maywood Hydraulics leased driling equipment from Aqua Leasing for a four-year period ending December 31 , 2024, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua \$432,398 and has an expected economic life of five years. Aqua and Maywood expect the residual value at December 31,2024 , to be $68,000. Negotiations led to Maywood guaranteeing a $97,000 residual value. Equal payments under the lease are $136,000 and are due on December 31 of each year with the first payment being made on December 31, 2021 . Maywood is aware that Aqua used a 6% interest rate when calculating lease payments. (FV of \$1, PV of $1. FVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of \$1) (Use oppropriate foctor(s) from the tobles provided.) Required: 1. \& 2. Prepare the appropriate entries for Maywood on January 1, 2021 and December 31,2021 , related to the lease. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar.) Journal entry worksheet Record the beginning of the lease for Maywood Hydraulics. Note: Enter debits before credits. Journal entry worksheet Record amortization of the right-of-use asset for Maywood Hydraulics.. Note: Enter debits before credits. Journal entry worksheet Record the lease payment for Maywood Hydraulics. Note: Enter debits before credits. rabur 1 future Value of $1 FV=$1(1+0) TAPHE 2 Puesent Valie of $1 PY 3 Future Value of an Ordinary Mnnuity of $1 FVA=2(1+i)n1 TNaLE 4 Present Value of an Ordinary Anmulty of $1 PYA =1(D+1)1 TABLE 5 Future Value of an Arnuity Due of $1 FVAD=[7(1+1)n1](1+0) Present Value of an Annuity Due of $1 PVAD=[11D+21](I+9

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