Casca Company, as lessee, enters into a lease agreement on July 1, 2021, for equipment. The following data are relevant to the lease agreement: 1. The term of the noncancelable lease is 4 years. Payments of $978,446 are due on July 1 of each year with the first payment on July 1, 2021 2. The fair value of the equipment on July 1, 2021 is $3,500,000. The equipment has an economic life of 6 years with no salvage value. 3. Casca depreciates similar machinery it owns on the sum-of-the-years'-digits basis. 4. The lessee pays all executory costs. 5. Casca's incremental borrowing rate is 10% per year. The lessee is aware that the lessor used an implicit rate of 8% in computing the lease payments (present value factor for 4 periods at 8%, 3.57710; at 10%, 3.48685). Enter the required information in the boxes below for the above lease. Enter amounts without a $ sign and in the format xx.xxx. Round up all numbers and do not enter any decimals. a. The type of the lease that Casca has entered into is (Finance/Operating): finance b. The balance in the lease liability account after the first payment on July 1, 2021 is: $ 3486850 c. Interest expense accrued on the lease at December 31, 2021 is: $ 435857 d. Amortization expense on the right-of-use asset on December 31, 2021 is: $280000 e. The balance in the lease liability account after the second payment on July 1, 2022 is: $ 3500000