6) On January 1, 20X1, Wayne Co. leased a building to Joker Inc. The relevant information related to the lease is as follows. 1. The lease arrangement is for 20 years. The building is expected to have a residual value at the end of the lease of $5,000,000 (unguaranteed), 2. The leased building has a cost of $10,000,000 and was purchased for cash on January 1, 20XI. ated on a straight-line basis. Its estimated economic life is 50 years with no salvage value. 4. Lease payments are $350,000 per year and are made at the beginning of the year, 5. Joker has an incremental borrowing rate of 6%, and the rate implicit in the lease is unknown to Joker. 6. Both the lessor and the lessee are on a calendar-year basis. Instructions (a) Prepare the joumal entries that Wayne should make in 20X1. (h) Prepare the joumal entries that Joker should make in 20X1. (eIf Joker paid $50,000 to a real estate broker on January 1, 20X1, as a fee for finding the lessor, how much should Joker report as an expense for this item in 20X1? () Prepare the journal entries that Wayne should make in 20X2 (e) Prepare the journal entries that Joker should make in 20X2