E15-13 A capital lease agreement for equipment requires Motorama Automotive Company to make ten annual payments of $7.000, with the first payment due on January 2, 20X5. Motorama's liability under the lease is $40.313. Required 1. Journalize the following transactions of Motorama Automotive: 20X5 Jan. 2 Beginning of lease term and the first annual payment. Dec. 31 Depreciation of equipment. At December 31, how much lease liability will Motorama report under a capital lease? 2. Journalize the January 2, 20X5. lease payment if this is an operating lease. At December 31, how much lease liability will Motorama report under an operating lease?