Chap 15 HW Hele til um Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to question 3 2 Dom Al January 1 2021, Caf Mediased restaurant equipment from Crescent Corporation under a nine year agreement. The ease agreement species annual payments of $21000 beginning January 1 2021, the begening of the lease, and at each December 31 thereafter through 2028. The equipment was acquired receny by Crescent at a cost of $180.000 ( tar value and was expected to hove a useful le of 12 years with no savage value at the end of its life. Because the lease term is only years, the asset does have an expected residual value at the end of the fase term of 576,604) Crescent seeks a return on its servestments. By this arrangement, the lease is deemed to be a finance lease EVS1 Pet 51. EVAS. PVALS1 EVAD 51 and EVAD St Use appropriate factor) from the tables provided. Round your intermediate calculations to the nearest whole dollar amount) Required 1 What will be the effect of the teme on Cafe Med's earnings for the first year ognore inter decreases with negative sign) 2. What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Care Med oor test For at requirements, round your intermediate calculations and final answers to the nearest whole della Answer is complete but not entirely correct 1 2 Ered one Lame pay before ) 22 200 916 11100