7 10 points Exercise 15-14 (Algo) Lessor; operating lease; effect on financial statements [LO 15-4) At January 1, 2021, Cafe Med leased restaurant equipment from Crescent Corporation under a nine year lease agreement. The lease agreement specifies annual payments of $21000 beginning January 1, 2021, the beginning of the lease, and at each December 31 thereafter through 2028. The equipment was acquired recently by Crescent at a cost of $180,000 (its fair value) and was expected to have a useful life of 13 years with no salvage value at the end of its life. Crescent records depreciation using the straight line method. Crescent seeks a 8% return on its lease investments. By this arrangement, the lease is deemed to be an operating lease. EVOLSI. PX $1. EVA OLS1 PVA of S1, EVAD of S1 and PVAD $13) (Use appropriate foctor(s) from the tables provided.) 01.4902 Required: numbers.) 1. What will be the effects of the lease on Crescent's earnings for the first year (gnore taxes)? (Enter decreases with negative 2. What will be the botances in the balance sheet accounts related to the lease at the end of the first year for Crescent (ignore taxes)? For all requirements, round your intermediate calculations to the nearest whole dollar amount.) 1 con caming 2 Equipment balance the end of year) Defned ovence