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On January 1, 2017, Pharoah Corporation signed a 5-year noncancelable lease for a machine. The terms of the lease called for Pharoah to make annual payments of $8,634 at the beginning of each year, starting January 1, 2017. The machine has an estimated useful life of 6 years and a $4,900 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Pharoah uses the straight-line method of depreciation for all of its plant assets. Pharoah's incremental borrowing rate is 10%, and the lessor's implicit rate is unknown.
Question 1: Find the present value of the minimum lease payment.
Question 2: prepare the entries for the company through Jan.1, 2018
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