Pharoah Corporation, which uses ASPE, enters into a 6-year lease of equipment on September 1, 2020, that requires 6 annual payments of $28,000 each, beginning September 1, 2020. In addition, Pharoah guarantees the lessor a residual value of $17,000 lease end. The equipment has a useful life of seven years. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE OF 1. Using (1) tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the capital lease and prepare Pharoah's September 1, 2020 journal entry assuming an interest rate of 8%.