Crane Limited has signed a lease agreement with Lantus Corp. to lease equipment with an expected lifespan of eight years, no estimated salvage value, and a cost to Lantus, the lessor of $193,000. The terms of the lease are as follows: The lease term begins on January 1, 2019, and runs for 5 years. . The lease requires payments of $43,224 at the beginning of each year starting January 1, 2019. . At the end of the lease term, the equipment is to be returned to the lessor. Lantus' implied interest rate is 6%, while Crane's borrowing rate is 7%. Crane uses straight-line depreciation for similar equipment. The year-end for both companies is December 31. Assume that both companies follow ASPE. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Determine the present value of the minimum lease payments. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.) Present Value $ Prepare Crane's lease amortization schedule using the effective interest method. (Round answers to 0 decimal places, e.g. 5,275.) Date Payment Interest Principal Balance January 1, 2019 $ January 1, 2019 $ $ $ January 1, 2020 January 1, 2021 January 1, 2022 January 1, 2023 $ $ $ 2019 (To record inception of lease.) 4. (To record lease payment.) (To record interest.) (To record depreciation expense.)