Bidden Inc, acquired auto paint bake oven for $800,000 on January 1, 2020, and leased it to Truump Co. The lease would commence on Jan. 1, 2020 and last 6 years. Truump Co. was required to make 6 equal annual lease payments, each at the beginning of the year. Truump did not provide a guarantee with respect to the market value of the paint bake oven when returned after 6 years but Bidden expected the returned equipment to be worth $56,000. Bidden Inc. wished to earn an 6% return (before taxes) on the lease arrangement and set the annual lease payment accordingly. Bidden Inc. had a Dec. 31 fiscal year-end. Required (1) What was the annual lease payment? Use present value factors from the tables attached for calculations (2) Prepare a lessor lease amortization schedule for Bidden Inc. for the 6-year period. 5 (3) Prepare the journal entries Bidden Inc. was required to make in 2020 and 2021 for the lease