3. Alpha Company leased equipment to Beta Company on January 1, 2017. Alpha manufactured the equipment at a cost of $560,000, and the fair market value at the start of the lease is $650,000. The lease is for 5 years, with payments on December 31 of each of the 5 years, and the interest rate is 5%. The residual value at the end of the lease is $48,000, which is guaranteed by Beta. 5%, 5 periods .78353 PV $1 PV ord. ann. 4.32948 PV ann. due 4.54595 a. Compute the amount of each payment. b. Prepare the journal entries for both companies on January 1, 2017: Lessor January 1, 2017 Lessee c. Now assume that Beta (the lessee) does not guarantee the residual valule, Prepare the journal entries for both companies on January 1, 2017