Terms of a lease agreement and related facts were as follows: Required: Prepare the appropriate entries for the lessor t

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Terms of a lease agreement and related facts were as
follows:
Required:
Prepare the appropriate entries for the lessor to record the lease,
the initial payment at its beginning, and at the December 31 fiscal
year-end under each of the following three independent
assumptions:
1. The lease term is three years and the
lessor paid $106,000 to acquire the asset (operating lease).
2. The lease term is six years and the lessor
paid $106,000 to acquire the asset (sales-type lease). Also assume
that adjusting the lease receivable (net investment) by initial
direct costs reduces the effective rate of interest to 9%.
3. The lease term is six years and the lessor
paid $88,000 to acquire the asset (sales-type lease).