can someone explain please how they found the pv of these and also how they found the numbers in the lease amortization table

*** A18-9 Lessee Accounting; Amortization Table and Entries Watson Co. entered into a lease arrangement for a truck on 1 April 20X2 that had the following terms: The lease payments are $12.500 per year, payable each 1 April for four years. The lease may be renewed at the option of the lessor for a further five years for $3,600 per year. Past practice shows that the Watson Co. usually extends its leases due to the high-quality vehicles from this lessor. . Based on an allocation of the lease payment on relative stand-alone prices, the lease and non-lease components (maintenance) are $11,300 and $1,200 respectively. There is a residual value guarantee of $15,000 at the end of the first lease term and $5,000 at the end of the second lease term. The leased asset has a useful life of ten years and a fair value of $70,000. The interest rate implicit in the lease is 7%. Required: 1. Calculate the right-of-use asset and record the initial journal entry. 2. Prepare a lease liability amortization table for only the first four payments. 3. List the items that would appear in the lessee's SCI for the year ended 31 December 20X3. 4. What is the amount of the total lease liability on the balance sheet on 31 December 20X3? Split this amount into the current and long-term portions. Assignment 18-9 Requirement Present value calculations: $11,300 x (PIAD, 7%, 4) $40,955 $3,600 x (P/AD, 7%.5) (P/F,7%, 4) 12,049 $5,000 X (P/F,7%,9) 2.720 $55.724 The payments include the second lease term because the lease term is at the option of the lessor. Right-of-use asset.... 55,724 Maintenance expense 1,200 Cash ...... ...... 12,500 Lease liability... 44,424 Requirement 2 Ending balance Payment period 20X2 20X3 20X4 20X5 Opening balance $55,724 44,424 36,234 27,470 Lease liability amortization schedule Interest Cash Decrease @ 7% Payment in balance $ 11,300 $11.300 $3.110 11.300 8.190 2.536 11.300 8,764 1.923 11.300 9.377 $44,424 36,234 27,470 18,093 $ Requirement 3 Statement of comprehensive income, earnings section: Depreciation expense (555,724) + 9 years Maintenance expense Interest expense ($2.536 x 9/12 = $1.902) +($3.110 x 3/12 - $778 6,192 1,200 2.680 Requirement 4 Lease liability Current portion ($1,902(above) + $8,764 (see table)) Long-term portion (see table) $10,666 27.470 $38.136 Assignment 18-10 Requirement