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Refer to Problem 2. Lagatha's earnings rate is 5%. This lease is considered...

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Accounting

Refer to Problem 2. Lagatha's earnings rate is 5%. This lease is considered a sale of goods costing $75,000.
Given that the residual value is guaranteed, determine the price from the sale.
Record the sale and the first payment on January 1,2023.
Prepare an amortization table for the lease below using the tables from Chapter 5 or 6 in an earlier edition.
Assuming the estimate of the expected payment at the end of the lease is correct, record the entry to settle the lease on December 31,2026.

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