Could I please get help with the calculations and journal entries? Thank you!

2. Lessee enters into a four-year lease of equipment and concludes that the agreement is a nance lease because the lease contains an option for Lessee to purchase the equipment at the end of the lease and the Lessee is reasonably certain to exercise that option. The arrangement provides the following: Four years, with the rst payment due at lease commencement and the remainder annually at the lease anniversary date thereafter Annual payments, beginning at lease Commencement $50,330 commencement and annually Year 2 $53,330 thereafter Year 3 $55,930 Year 4 $59,093 PV of lease payments $20451\"? Complete the following schedule to showr the impact on the income statement and balance sheet. m Cash lease payments Income statement: Lease expense recognized: Interest expense Amortization expense Total periodic expense Balance sheet: RDU asset Lease liability Prepare the journal entries at the time of the lease commencement and for Year 1 of the lease term