complete all parts

On January 1, 2021. ABC Corp. entered into a commercial lease. The lease requires ABC to make annual payments of $58,800 over a 7-year lease term (also the asset's useful life). The first payment occurs on January 1, 2021. The second payment occurs on December 31, 2021, and at each December 31 thereafter. The interest rate is 11% The present value of lease payments is $307,556. The lease qualifies as a finance lease. (Round your final answers to the nearest whole dollar) Hint: An amortization table through the second payment will provide answers to B, C, and D.) Clues Across: A. [PV of lease payments: $307,556) 8. Calculate the balance of the lease after the first payment. C. Calculate the balance of the lease after the second payment (1.e., as of December 31, 2021). 3 0 7 5 5 6 B Down: D. What amount of interest expense will be recognized by the lessee for the year ended December 31, 2021? E. What amount of amortization expense (for the right-of-use asset) will be recognized by the lessee for the year ended December 31, 20212 F. What is the balance of the right-of-use asset as of December 31, 2021