On January 1,2014,LOR leased a machine (original cost $60,000)to LES for a 5-year period at an implicit interest rate of 15 percent.The lease qualified as a direct financing lease and the annual lease payments ($17,306)are made each December 31.LOR retained the $4,000 estimated unguaranteed residual value ,LOR's net receivable and LES's liability would be (round to the nearest dollar):

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The Answer of On January 1,2014,LOR leased a machine (original cost $60,000)to LES for a 5-year period at an implicit interest rate of 15 percent.The lease qualified as a direct financing lease and the annual lease payments ($17,306)are made each December 31.LOR retained the $4,000 estimated unguaranteed residual value ,LOR's net receivable and LES's liability would be (round to the nearest dollar):

On January 1,2014,LOR Leased a Machine (Original Cost $60,000)to LES