Final answer:
Lease payments receivable include lease payments, penalties for failure to renew, and bargain purchase options, but it does not include unguaranteed residual value.
Step-by-step explanation:
The lease payments receivable account typically includes various components related to a lease agreement. These components often consist of lease payments, expected residual value that is guaranteed by a third party or the lessee, initial direct costs incurred by the lessor, any penalty for failure to renew the lease, and a bargain purchase option if it is reasonably certain that the option will be exercised.
However, an unguaranteed residual value, which is the estimated residual value of the leased asset at the end of the lease term that is not guaranteed by the lessee or a third party, is not included in the lease payments receivable. Instead, it is recognized separately as it presents a different risk profile for the lessor.