Alexis Computer Company manufactures and sells or leases various types of computer equipment. On 1/1/17, Alexis leased a complete computer system to Edgar Enterprises. Data relating to the lease follow:

Cost of equipment to Alexis $ 80,000

Fair market value of equipment at 1/1/17 $ 98,000

Useful life of equipment 8 years

Lease term 5 years

Residual value at the end of the lease

(notguaranteed by Edgar) $ 15,000

Implicit and incremental interest rates 10%

Initial direct costs incurred in negotiation $ 1,000

Both the lessor and lessee use straight-line depreciation and have accounting periods that end on 12/31.

Required:

a. Calculate the yearly payment that Alexis will charge Edgar under this lease agreement if payments are made on 1/1 of each year, beginning 1/1/17.

b. Prepare the lease amortization table that would be made by Alexis (lessor) during 2017 and 2018 relating to this lease.

c. Prepare the lease amortization table that would be made by Edgar (lessee) during 2017 and 2018 relating to this lease.

can you please answer the question fully and show the calculations used for the amortization table. Every chegg question I have posted Ive received either the wrong answer or a response that did not apply to the question.