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Ivanhoe Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8-year period and requires equal annual payments of $29,321 at the beginning of each year. The first payment is received on January 1,2020 . Ivanhoe had purchased the machine during 2019 for $125,000. Collectibility of lease payments by Ivanhoe is probable. Ivanhoe set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Ivanhoe at the termination of the lease. Click here to view factor tables. Compute the amount of the lease receivable. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places e.g. 5,275.) Amount of the lease receivable $ eTextbook and Media Prepare all necessary journal entries for Ivanhoe for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 5,275 .) 1/1/20 (To record the lease) (To record the first lease payment) 12/31/20 eTextbook and Media List of Accounts Suppose the collectibility of the lease payments was not probable for lvanhoe. Prepare the necessary journal entry for the company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit 1/1/20

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