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A lease agreement calls for annual lease payments of $60,000 over a elght-year lease term (also the asset's useful life). Additional Information: The lease is signed on January 1 2021. The first lease payment is due on January 1, 2021. The interest rate is 4% The lessor manufactured the asset at a cost of $400,000. The present value of lease payments is $420,123. The lease qualifies as a sales-type lease, Required: 1. Create a partial amortization schedule through the second payment on January 1, 2022. 2. What would be the amounts related to the lease that the lessor would report in its income statement for the year ended December 31, 2021? (Ignore taxes. Amounts to be deducted should be indicated with a minus sign) 3. What would be the amounts related to the lease that the lessee would report in its income statement for the year ended December 31, 2021? (Ignore taxes. Amounts to be deducted should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Create a partial amortization schedule through the second payment on January 1, 2022. (Enter all amounts as positive values. Round your answers to nearest whole number.) Dato Lease Payment Effective Interest Decrease in Balance 01/01/2021 01/01/2021 01/01/2022 Outstanding Balance $ 420.123 360,123 314,528 $ 60,000 $ 60.000 of s 14,4051 60.000 45,595 Reg 2 > The lease is signed on January 1, 2021. The first lease payment is due on January 1, 2021. The interest rate is 4%. The lessor manufactured the asset at a cost of $400,000. The present value of lease payments is $420,123. The lease qualifies as a sales-type lease. Required: 1. Create a partial amortization schedule through the second payment on January 1, 2022. 2. What would be the amounts related to the lease that the lessor would report in its income statement for the year end 31, 2021? (Ignore taxes. Amounts to be deducted should be indicated with a minus sign.) 3. What would be the amounts related to the lease that the lessee would report in its income statement for the year en 31, 2021? (Ignore taxes. Amounts to be deducted should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 What would be the amounts related to the lease that the LESSOR would report in its income statement for the year ended December 31, 2021? (Ignore taxes. Round your answers to nearest whole number. Amounts to be deducted should be indicated by a minus sign.) (Hint: Don't forget to accrue interest earned at year-end.] LESSOR's impact on income related to the lease for year ended 12/31/2021: Sales revenue 420,123 Cost of goods sold (400,000) Interest revenuo 14 405 Required: 1. Create a partial amortization schedule through the second payment on January 1, 2 2. What would be the amounts related to the lease that the lessor would report in its 31, 2021? (Ignore taxes. Amounts to be deducted should be indicated with a minus si 3. What would be the amounts related to the lease that the lessee would report in its 31, 2021? (Ignore taxes. Amounts to be deducted should be indicated with a minus sig Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req 3 What would be the amounts related to the lease that the LESSEE would report in its income December 31, 2021? (Ignore taxes. Round your answers to nearest whole number. Amount indicated by a minus sign.) (Hint: Don't forget to accrue interest owed at year-end. I LESSEE's impact on income related to the lease for year ended 12/31/2021: Interest expense 14,405 Depreciation expense 52,515
