Brief Exercise 15-4 (Algo) Finance lease; lessee; balance sheet effects [LO15-2] A lease agreement that qualifies as a finance lease calls for annual lease payments of $50,000 over a four-year lease term (also the asset's useful life), with the first payment on January 1 , the beginning of the lease. The interest rate is 8%. Required: a. Complete the amortization schedule for the first two payments. b. If the lessee's fiscal year is the calendar year, what would be the amount of the lease liability that the lessee would report in its balance sheet at the end of the first year? What would be the interest payable? Note: Use tables, Excel, or a financial calculator. (FV of \$1. PV of \$1. FVA of \$1. PVA of \$1. EVAD of S1 and PVAD of S1) Complete this question by entering your answers in the tabs below. Complete the amortization schedule for the first two payments. Note: Enter all amounts as positive values. Round your answers to the nearest whole dollar: Brief Exercise 15-4 (Algo) Finance lease; lessee; balance sheet effects [LO15-2] A lease agreement that qualifies as a finance lease calls for annual lease payments of $50.000 over a four-year lease term (also 1 asset's useful life), with the first payment on January 1 , the beginning of the lease. The interest rate is 8%. Required: a. Complete the amortization schedule for the first two payments, b. If the lessee's fiscal year is the calendar year, what would be the amount of the lease liability that the lessee would report ir balance sheet at the end of the first year? What would be the interest payable? Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1. FVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of S1) Answer is not complete. Complete this question by entering your answers in the tabs below. If the lessee's fiscal year is the calendar year, what would be the amount of the lease liability that the lessee would report in its balance sheet at the end of the first year? What would be the interest payable? Note: Round your answers to the nearest whole dollar. Brief Exercise 15-4 (Algo) Finance lease; lessee; balance sheet effects [LO15-2] A lease agreement that qualifies as a finance lease calls for annual lease payments of $50,000 over a four-year lease term (also the asset's useful life), with the first payment on January 1 , the beginning of the lease. The interest rate is 8%. Required: a. Complete the amortization schedule for the first two payments. b. If the lessee's fiscal year is the calendar year, what would be the amount of the lease liability that the lessee would report in its balance sheet at the end of the first year? What would be the interest payable? Note: Use tables, Excel, or a financial calculator. (FV of \$1. PV of \$1. FVA of \$1. PVA of \$1. EVAD of S1 and PVAD of S1) Complete this question by entering your answers in the tabs below. Complete the amortization schedule for the first two payments. Note: Enter all amounts as positive values. Round your answers to the nearest whole dollar: Brief Exercise 15-4 (Algo) Finance lease; lessee; balance sheet effects [LO15-2] A lease agreement that qualifies as a finance lease calls for annual lease payments of $50.000 over a four-year lease term (also 1 asset's useful life), with the first payment on January 1 , the beginning of the lease. The interest rate is 8%. Required: a. Complete the amortization schedule for the first two payments, b. If the lessee's fiscal year is the calendar year, what would be the amount of the lease liability that the lessee would report ir balance sheet at the end of the first year? What would be the interest payable? Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1. FVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of S1) Answer is not complete. Complete this question by entering your answers in the tabs below. If the lessee's fiscal year is the calendar year, what would be the amount of the lease liability that the lessee would report in its balance sheet at the end of the first year? What would be the interest payable? Note: Round your answers to the nearest whole dollar