Asap ans Sule Zero, Inc., an equipment manufacturer, leases a freezer toCommercialKitchen Compary on January , 2019. The iease is for a b-year period Ondrequiresequai annual payments of $41,06L33 at the beginning of each year.The first payment is received on January , 1019. Suo Zero manufacturedthefreezer during 1ate 2018 and kas carried it in finished opods inventory ata cost of$61,500. Collectalbility of lease payments is reasonaby predictabie, and nowmportant uncertainties surround the ameunt of costs yet to be incurredby SuleZero.Sưc Zero set the annual rental to ensure an 8% rate of returm. Thefreezer has aneconowic life of 8 years with no residual vatue and reverts back to SubZero at thetermination of the lease.Required.can Compute the amount of lease receivaloie, round to the nearest wholedollar.Clo) Prepare an vecessary journal entries on Sulb Zeros books for 2019 and2010;again, round to the rearest whole dollar.

Journal entry shows the recording of transactions during an accounting year and every transaction…

Sưe Zero, Inc, an equipment manufacturer, leased a freezer to Commercial Kitchen Company on January , 2019. The lease is for a b-year period and requives equai annual payments of $41,061.33 at the beginning of each year. The first payment is veceived on January , 2019. Suo Zero manufactured the freezer during 1ate 2018 and has carried it in finished goods inventory at a cost of $61,500. Collectalility of lease payments is reasonably predictalbe, and no important uncertainties surround the ameunt of costs yet to be incurred by Sue Zero. Sưe Zero set the annual vental to ensure an 8% vate of retum. The freezer has an economic life of 8 years with no residuai value and reverts back to Sub Zero at the termination of the lease. Required. can Compute the amount of lease receivaloie, round to the nearest whole dollar. Clo) Prepare an necessary journal entries on Sub 2eros books for 1019 andi 2O10, dgdin, round to the rearest whole dollar.