Assignment $($PQSi$)$

Sirved

Laporte Engmeering Compary leased a machne on Jan:ary $1,2023,$ under a conroct caning for four annual payments of $$70,000$ on Oecember $31,2023$ through $2026.$ The mactine becomes the property of the lessee ator the fourth payment. The machene wes predicted to nawe a servce ife of sor years and no residual value, and the interest rate avallable to Laporte Encineering was $8$ss on the day the lease was signed. The mactine was delvered on January t$0.2023,$ and was himedately placed in service

Required:

Debermine the witial nct ilabirty created by the lease and the cost of the lewed asset. IDo not round intermedlate calculations. Gound the fine: answers to the nearest whole doliar.$]$

Plepare a table showing the calculofon of the amount of nterest expense alocased to each year the lease is in erflect and the canying amoumt of the Ilabiny as the eno of each or thooe yedrs. $($Do not round intermedlate calculerlong. Round the flinal ancwers to nearect whoie doliar. Enver sil the amounts as poshtuve values.

$\backslash$table$[[$Tear$,$Peyresins$],[\backslash$table$[[$Exymt $$ Me$!],[$Liabilly$]],$Payntin,$\backslash$table$[[$molest$],[$Eapens:$]],\backslash$table$[[$Poolactios in$],[$Lease Lieblity$]],\backslash$table$[[$Lease Liabily$],[$si Ird ol Year$]]],[2623,242\mathrm{.}653,70\mathrm{.}000,19,413,$G$0\mathrm{.}5!?,192003],[2004,1R2,277,31000,15,358,54134,178\mathrm{.}418],[26,131,430,25\mathrm{.}000,10,715,50\mathrm{.}565,r6,434$