a Parker Inc leased a tooling machine on January 1, 2021, for a three-year period ending December 31, 2023. The lease agreement specihed annual payments of $62,504 beginning with the first payment at the beginning of the lease, and each December 31 through 2022. The company had the option to purchase the machine on December 30, 2023, for $30,000 when its fair value was expected to be $50,000, a sufficient difference that exercise seems reasonably certain. The machine's estimated useful life was 5 years with no salvage value. Parker was aware that the lessor's implicit rate of return was 7%. 1. Calculate the amount Parker should record as a right-of-use asset and lease liability for this finance lease. Round to the DOLLAR, NO decimals DO NOT ENTER $ in your answer. Input numbers like 20,000 or 20000 only, Right-of-use Asset and Lease Liability 2. Prepare an amortization schedule that describes the pattern of interest expense for Parker over the lease term. You may not use all cells. Lesser Amortization Schedule Decrease in Outstanding Payments Interest Balance Effective Date Balance Beginning Payment 1 Payment 2 Payment 3 G Payment 4 Payment 5 3. Prepare the appropriate entries for Parker, Inc for 2021. Account Debit Credit