At January 1,2024, Cafe Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. - The lease agreement specifes annual payments of $32,000 beginning January 1,2024, the beginning of the tease, and on each December 31 thereafer through 2031. - The equipment was acquired recently by Crescent at a cost of $243,000 (its fair value) and was expected to have a useful ife of 13 years with no salvoge value at the end of its life. - Because the lease term is only 9 years, the asset does have an expected residual value at the end of the lease term of $73,596. - Crescent seeks a 9% return on its lease investments. By this arrangement, the lease is deemed to be an operating lease. Note: Use tables, Excel, or a financial colculator. (EV of \$1, PV of S1, EVA of S1, PVA of S1, EVAD of SII and PVAD of S1] Required: 1. What will be the effect of the lease on Cafe Med's earnings for the first year (ignore taxes)? Note: Enter decreases whth negative slgn. 2. What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Cafe Med fignore towes)? Note: For all requirements, round your intermediate colcutations and finat answers to the nearest whole dollars