Exercise 1 On January 1, 2011, Graven Images leased ten computers for use in their Engineering department. The lease period is for 13 years and the estimated economic life of the leased property is 15 years. The lease does not contain automatic title transfer or a bargain purchase option. The fair value of the ten computers is $65,000. Lease payments are $9,000 per year, payable each January 01. The interest rate is given as 10 percent. The company uses straight-line depreciation for computers such as these. Required: 1. What is the percentage of lease period to the economic life of the asset? 2. Calculate the percentage of present value of future lease payments to the fair value of computers? 3. Provide the necessary journal entries to record the transactions related to this lease for Graven for the period January 1, 2011, through January 01, 2012.