A lease agreement that qualifies as a finance lease calls for annual lease payments of $$24,000$ over a four$-$year lease term $($also the asset$$s useful life$),$ with the first payment on January $1,$ the beginning of the lease. The interest rate is $5\%.$

Required:

Determine the present value of the lease upon the lease's inception.

Create a partial amortization table through the second payment on January $1,$ Year $2.$

If the lessee$$s fiscal year is the calendar year, what would be the amounts related to the lease that the lessee would report in its income statement for the first year ended December $31($ignore taxes$)?$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$ what is the first outstanding balance i keep missing it