Both pictures are to problem 15-50 with all subpart questions being in the second photo. Please show all work, so that I can have a real understanding of work completed.

Entries for Capita Lease Lessee Guaranteed Residual Problem 15 50 Value LO5 For some time, Ulrich Inc. has maintained a policy of acquiring company equipment by leasing. On January 1, 2015, Ulrich entered into a lease with Riverbottoms Fabricators for a new concrete truck that had a selling price of $315,000. The lease stipulates that annual payments of $61,800 will be made for six years. The first lease payment is made on January 1, 2015, and subsequent payments are made on December 31 of each year. Ulrich guarantees a residual value of $33,535 at the end of the six-year period. Ulrich has an incremental borrowing rate of 11%, and the implicit interest rate to Riverbottoms is 10% after considering the guaranteed residual value. The economic life of the truck is eight years. Ulrich uses the calendar year for reporting purposes and straight-line depreciation to depreciate other equipment. Instructions: 1. Compute the amount to be capitalized as an asset on the lessee's books for the concrete truck. Ulrich knows that Riverbottoms' implicit interest rate is 10%. Answer Check Figure: Present (capitalized) value of lease $315,001