Brief Exercise 15-3 (Algo) Lessee and lessor; calculate interest; finance/sales-type lease (LO15-2] A finance lease agreement calls for quarterly lease payments of $6720 over a 10-year lease term, with the first payment on July 1, the beginning of the lease. The annual interest rate is 12%. Both the present value of the lease payments and the cost of the asset to the lessor are $160,000 Required: a. Prepare a partial amortization table up to the October 1 payment. b. What would be the amount of interest expense (revenue) the lessee (lessor) would record in conjunction with the second quarterly payment on October 17 37 Complete this question by entering your answers in the tabs below. Required A Required B Prepare a partial amortization table up to the October 1 payment. (Enter all amounts as positive values. Round your answers to the nearest whole dollar) Data Lease Effective Decrease in Outstanding Payment Interest balance balance July 1 July 1 October 1 RA Required > Brief Exercise 15-3 (Algo) Lessee and lessor; calculate interest; finance/sales-type lease (L015-2] A finance lease agreement calls for quarterly lease payments of $6,720 over a 10-year lease term, with the first payment on July 1, th beginning of the lease. The annual interest rate is 12%. Both the present value of the lease payments and the cost of the asset to the lessor are $160,000 Required: a. Prepare a partial amortization table up to the October 1 payment b. What would be the amount of interest expense (revenue) the lessee (lessor) would record in conjunction with the second quarterly payment on October 12 Complete this question by entering your answers in the tabs below. Required A Required B What would be the amount of interest expense (revenue) the lessee (lessor) would record in conjunction with the second quarterly payment on October 1? (Enter all amounts as positive values. Round your answers to the nearest whole dollar) Interest expense (01000) Interest revenue (Lessor) (Required A