can someone explain how they inputted the pv lease liability using a calculator please

A18-3 Terminology; Classification; Entries: Canadian Leasing Inc. leased a piece of machinery to Ornamental Concrete Ltd., with the following terms: The lease is for five years; Ornamental cannot cancel the lease during this period. The lease payment is $79,600 per year. Included in this is $7,900 in estimated insurance costs. At the end of the five-year initial lease term, Ornamental can elect to renew the lease for one additional five-year term at a price of $29,500, including $2,500 of estimated insurance costs. Market rentals are approximately twice as expensive. At the end of the first or second lease term, the leased asset reverts to the lessor. Lease payments are due at the beginning of each lease year. Other information: Ornamental could borrow money to buy this asset at an interest rate of 8%. The equipment has a fair market value of $430,000 at the beginning of the lease term and a useful life of approximately 12 years. The lease term corresponds to the fiscal year. Ornamental uses straight-line depreciation for all capital assets. Required: 1. For this lease, provide the: a. Lease term; S+S - b. Guaranteed residual value; c. Unguaranteed residual value; d. Bargain purchase option; e. Bargain renewal terms; f. Minimum net lease payment; and g. Incremental borrowing rate. If these amounts do not exist in the above lease, enter "none" as your response. State 2. Is this lease an operating lease or a finance lease for the lessee? Why? 3. Prepare journal entries for the first year of the lease on Ornamental's books prirate 12 any assumptions. Assignment 18-3 Requirement 1 A The lease term is 10 years. The second five-year lease term is an extension option that is reasonably certain to be exercised given the additional information regarding market rental rates. b. Residual value guarantee, none. Residual value unguaranteed exists as the value of the asset to the lessor at the end of the lease term. There is no way to calculate this amount. d. Purchase option, none. c. Extension option, $29,500 per year for the second five-year lease term f. PV of the lease liability on 1 January 20X6 e. (a) PV = ($79,600 $7,900) (P/AD, 8%, 5) = $71,700 x 4.31213 = $309,180 %3D (b)PV2 = ($29,500 - $2,500) (P/AD, 8%, 5) (P/F, 8%, 5) = $27,000 x (4.31213) (.68058) 79,238 $388.418 71,700 316,718 %3D Less: payment on 1 January 20X6 Lease Liability g. Incremental borrowing rate, 8% Requirement 2 388,418 7,900 ....... Right-of-use asset Prepaid insurance.. Lease liability Cash 316,718 79,600