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On December 31.2019, Tanarisk Corporation signed a 5year, non-cancelable lease for a machine The terms...

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On December 31.2019, Tanarisk Corporation signed a 5year, non-cancelable lease for a machine The terms of the lease called for Tamarisk to make annual paynents of $7,880 at the becinsint of each year of the lease, startins December 31.2019 , The machiret han an estimated useful life of 6 years and a $5,000 uncuarantecd residual value . The machine reverts back to the fessor at the end of the lease term. Tamarisk wes the straight-line method of depreciation for all of its plant assets. Tamariak's incrempntal borrowine rate is 11%, and the lessor's implicit rate is unionown. Clickhere to view factor bables. (a) What type of lease is this? This is a/an lease. Prepare all necessary journal entries for Tamarisk for this lease through December 31, 2020. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal ploces e.5. 5,275)

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