Marin Robotics Corporation manufactures robots for use in assembly lines. On January 1, 2017, it leased to Starline Truc

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Marin Robotics Corporation manufactures robots for use in
assembly lines. On January 1, 2017, it leased to Starline Trucks,
Inc. a robot that had cost $266,000 to manufacture. The lease
agreement covers the 8-year useful life of the replicator and
requires 8 equal annual rentals of $60,200 payable each
January 1, beginning January 1, 2017. An interest rate of 9%
is implicit in the lease agreement. Collectibility of the rentals
is reasonably assured, and there are no important uncertainties
concerning costs. Prepare Marin Robotics’ January 1,
2017, journal entries. (Round present value factor
calculations to 5 decimal places, e.g. 1.25124 and the final answer
to 0 decimal places e.g. 58,971. Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
enter an account title To record sales
enter a debit amount
enter a credit amount
enter an account title To record sales
enter a debit amount
enter a credit amount
(To record sales)
enter an account title To record cost of goods sold
enter a debit amount
enter a credit amount
enter an account title To record cost of goods sold
enter a debit amount
enter a credit amount
(To record cost of goods sold)
enter an account title To record rental payment
enter a debit amount
enter a credit amount
enter an account title To record rental payment
enter a debit amount
enter a credit amount
(To record rental payment)