Company and Telsan Company, a lessee. Inception date January 1, 2020 Lease term 6 years $150,000 $760,000 Annual lease payment due at the beginning of each year, beginning with January 1, 2020 Fair value of asset at January 1, 2020 Economic life of leased equipment Residual value of equipment at end of lease term, 7 years $65,500 guaranteed by the lessee 10% Lessor's implicit rate Lessee's incremental borrowing rate January 1, 2020 The asset will revert to the lessor at the end of the lease tem. The lessee has guarante the lessor a residual value of $65,500. The lessee uses the straight-line depreciation method for all equipment. nstructions (i) What is the lease liability for Telsan Company? (4 marks) (ii) Record the lease on Telsan Company's books at the date of inception. (4 marks) (iii)Record the first year's depreciation on Telsan Company's books. (3 marks) (iv) Record interest expense and lease liability for Telsan Company for the year endi December 31, 2020. (2 marks)