A lease agreement that qualifies as a finance lease calls for annual lease payments of $50.000 over a four-year lease ferm falso the asset's useful fife), with the first payment on January 1 , the beginning of the lease. The interest rate is 8%. Required: a. Determine the present value of the lease upon the lease's inception. b. Create a pantial amortization table through the second payment on January 1, Year 2. c. If the lessee's fiscal year is the calendar year, what would be the amounts related to the lease that the lessee wouid report in its income statement for the first year ended December 31 (ignore taxes)? Note: Use tobles, Excel, or o finoncial calculator. (EV of \$1. PV of S1. EVA of \$1, PVA of S1. EVAD of S1 and PVAD ofS1) Complete this question by entering your answers in the tabs below. Determine the present value of the lease upon the lease's inception. Note: Round your answers to nearest whole number and round percentage answer to 1 decimal place