4 (20 points teases On January 1, 2020 Klowa Co. leases equipment on a three-year lease. This lease is a finance lease. The lease requires three $25,480 lease payments (the first is on 1/1/20, the second is on 12/31/20, and the third is on 12/31/21. The present value of the three annual lease payments is $70,980, using a 7.9% interest rate. a) Complete the lease payment schedule below. Round to the nearest dollar. Show and label supporting computations as needed. Beginning Balance of Date Lease Liability 1/1/2020 Interest on Lease Liability at 7.9% Ending Balance of Lease Liability Lease Liability Cash Lease Payment 12/31/2020 12/31/2021 b) In the journal below prepare the following journal entries (and show your computations where needed): L The 1/1/20 journal entry to start the lease and record any asset or liability The 1/1/20 journal entry to record the first $25,480 lease payment iii. The 12/31/20, 12/31/21, and 12/31/22 journal entries to record the straight-line amortization with zero salvage value v. The 12/31/20 and 12/31/21 journal entries to record the cash payment Date Account Debit Credit 5