2. Gramwell International Ltd leased equipment from Lubsal Financial Group Ltd. The details are as follows: Start of Lease Lease term (non cancellable) Annual lease payment due at the end of each year beginning April 1, 2021 April 1, 2021 5 years $142,500 Fair value of asset at April 1, 2021 Economic life of leased equipment Residual value of equipment at end of lease term, unguaranteed by the lessee Lessee's incremental borrowing rate $650,000 7 years $126,350 8% The asset will revert to the lessor at the end of the lease term. The lessee uses the straight-line depreciation method for all equipment. (Round all figures to the nearest $1.) i) Calculate the lease liability for Gramwell International Ltd. ii) Prepare the journal entries for Gramwell International Ltd at the start of the lease on April 1, 2021. iii) Prepare the lease journal entries for Gramwell International Ltd for the year ended December 31, 2021. iv) Prepare the amortization schedule and calculate the total interest for the 5-year lease term