Current Attempt in Progress Splish Brothers Company leases an automobile with a fair value of $13,942 from William Motors, Inc., on the following terms. Non-cancelable term of 50 months. Rental of $280 per month (at the beginning of each month). (The present value at 0.5% per month is $12,422) Splish Brothers guarantees a residual value of $1,580 (the present value at 0.5% per month is $1,231). Splish Brothers expects the probable residual value to be $1,580 at the end of the lease term. Estimated economic life of the automobile is 60 months. 5. Splish Brothers's incremental borrowing rate is 6% a year (0.50% a month). William's implicit rate is unknown. 1. 2. 3. 4. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided) Record the first month's amortization on Splish Brothers's books (assume straight-line). (List debit entry before credit entry. Credit account titles are automatically indented when 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 answers to O decimal places, e.g. 5,275.) 0 Account Titles and Explanation Debit Credit