1 question 2 parts

FOLLOW THESE INPUT INSTRUCTIONS: FOR NUMERICAL ANSWERS: 1. Do NOT use dollar signs or decimals. 2. Round your answer to the nearest whole dollar. Rounding has been considered in the answer. USE THE FOLLOWING FACTS FOR THIS QUIZLET: Annual payments = $48,750 Purchased for / Fair Market Value of property at inception = $348,500 Payments begin 1/1/X3 Lease term = 6 years Estimated economic life = 6 years Annual interest rate = 2% Year end is December 31 The lease is non cancelable. There are no options to purchase or renew. The leased asset reverts back to the leasing company at the end of the lease. The leasing company routinely lease this type of property. Consider the journal entry for the LESSEE at inception of the lease. The debit should be for what AMOUNT? Consider the journal entry at inception of the lease. The CREDIT should to what ACCOUNT (name of account)