Shamrock Co:Teased a building to Pharaah Inc The relevant informafion rdatecl to Itielease is as follows  1 The lease arrangement is for 10 years

Shamrock Co:Teased a building to Pharaah Inc The relevant informafion rdatecl to Itielease is as follows 
1 The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of 53,100.000 (unguaranteed). 2 The leased building has a cost of 53,600,000 and was purchased for cash on January 1 2020. 3. The building is depreciated on a straight-line basis_ Its estimated economic life is 50 years with no salvage value 4 Lease payments are $275.000 per year and are made at the beginning of the war. 5. Pharoah has an incremental borrowing rate of 8%, and the rate implicit in the lease is unknown to Pharoah 6, Both the lessor and the lessee are on a calendar-year basis. 
Chck here to view factor tables. (Fcr calculation purposes, use 5 decimal places as displayed in the factor table provided.) 
(a) 
Prepare the journal entries that Shamrock should make in 2020. (Credit account flan ore automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 
Date 
Account Trtles and Explanation Debit Credi Jo record cost of the building) 
(To record receipt of lease payment) 
(To record the recognition of the revenue each penod)