CP 9-10 Day Corp. entered into a finance lease agreement with Night Leasing Ltd. on January 1, 2019. Day Corp. agreed to pay Night annual payments of $24,154 on December 31 for the next four years to lease a vehicle with a fair value of $80,000. The interest rate implicit in the lease agreement was 8%. Required: 1. Prepare the journal entries to record the assumption of the lease on January 1, 2019. Provide descriptions for journal entries. General ledger account numbers are not necessary. 2. Complete the following lease repayment schedule. A B C D E (D- B) (A - C) Year Beginning (A x 8%) Reduction Total Ending ended lease Interest of finance lease lease Dec. 31 balance expense lease payment balance 2019 $80,000 $24,154 2020 24,154 2021 24,154 2022 24,154 -0- 3. Prepare the partial balance sheet of Day Corp. at December 31, 2019. Assume the first lease payment has been made