At danuary 1, 2024. Cate Med leased restwarant equigment trom Crescent Corgoration under a nine-year lease agreement. - The lease agreement specifes annual payments of $22.000 begining January 1, 2024, the beginning of the lease, and on each December 31 thereafter through 2031. - The equipment was acquired recently by Crescent at a cost of 5189.000 ins fair value) and was expected to have a useful life of 13 years with no salvage value at the end of its life. Crescent records depreciation using the straight-ine method. - Because the lease term is only rine years, the asset does have an expected residual value at the end of the lease term of 5117029 - Crescent ietwis a fot return on its lewie inverenents. Dy this arrangenent the lease is deened to be an ocerating lease. Note: Use tables, Excel, or a financiel calculatoc. RY of S1. PV of 51. RYA of S1. PVA of 51, RVAD of S1 and PVAD of S1 Required: 1. What will be the eflects of the lease on Crescent's (lessor's] eanings for the first year fignore taves)? Note: Enter decreoses with negotive sign. 2. What will be the belances in the belanse sheet accounts related to the lease at the end of the first year for Crescent fignore taves)? Note: For all requirements, round your intermediate calculations to the nearest whole doller amount