Exercise 21-7 (Both the lessor and the lessees accounting

Exercise 21-7 (Both the lessor and the lessees accounting period ends on December 31.) see attached Table 6-5 and 6-2 pic1.Calculate the amount of the annual rental payment.2.Prepareall the necessary journal entries for Flynn for 20143.Prepareall the necessary journal entries for Bensen for 2014 Exercise 21-9 (Part Level Submission) The collectibility of the lease payments is reasonably predictable and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costsSee attached Table 6-5 and 6-2 pic 1.Computethe amount of the lease receivable at the inception of the lease2.Preparea lease amortization schedule for Mooney Leasing Company for the 5-year leaseterm3.Preparethe journal entries to reflect the signing of the lease agreement and to recordthe receipts and income related to this lease for the years 2014 2015 and2016. The lessors accounting period ends on December 31. Reversing entries arenot used by MooneyMust show work in excel format

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