A corporation leases office space for $140,000 /year, payments at the beginning of each year. 10 year lease. Before-tax annual cost of debt is 5.50%. Straight line depreciation, no salvage value. This lease must be capitalized. 1. Using Excel to assist you, determine the dollar amounts to be placed on the Balance Sheet. 2. Show the appropriate journal entries. 3. Calculate the total expenses to be placed on the Income Statement for each of Years 1, 2, 3 only. Shol all work. Reminder: total expenses = depreciation + interest expense). Excel is optional. A corporation leases office space for $140,000 /year, payments at the beginning of each year. 10 year lease. Before-tax annual cost of debt is 5.50%. Straight line depreciation, no salvage value. This lease must be capitalized. 1. Using Excel to assist you, determine the dollar amounts to be placed on the Balance Sheet. 2. Show the appropriate journal entries. 3. Calculate the total expenses to be placed on the Income Statement for each of Years 1, 2, 3 only. Shol all work. Reminder: total expenses = depreciation + interest expense). Excel is optional