A lease agreement that qualifies as a capital lease calls for annual lease payments of $24,000 over a four ear lease term, with the first payment at January 1, the lease's inception. The interest rate is 5% $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) FV of Complete the amortization schedule for the first two payments. Lease Payable Expense Interest Decrease in Outstanding Balance Date 01/01/2016 01/01/2016 01/01/2017 Balance If lessee's fiscal year is the calendar year, what would be the amount of the lease liability that the lessee would report in its balance sheet at the end of the first year? Lease liability What would be the interest payable? Interest payable