A lease agreement that qualifies as a capital lease cals for annual lease payments of $40,000 over a six- year lease term, with the first payment at January 1, the lease's inception. The interest rate is 7% (FV of $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.) Complete the amortization schedule for the first two payments Lease Payable Interest Decrease in Outstanding Lease Paybexpense Date 01/01/2016 01/01/2016 Balance If lessee's fiscal year is the calendar year, what would be the amount of the lease lability that the lessee would report in its balance sheet at the end of the first year? What would be the interest payable? le