A lease agreement that qualifies as a finance lease calls for annual lease payments of $$10,000$ over a five$-$year lease term $($also the asset$$s useful life$),$ with the first payment on January $1,$ the beginning of the lease. The interest rate is $4\%.$

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$)?$