Federated Fabrications leased a tooling machine on January 1 2018, for a three year period ending December 31, 2020. The lease agreement specified annual payments of $46,000 beginning with the first payment at the beginning of the lease, and each December 31 through 2019 The company had the option to purchase the machine on December 30, 2020 for $55,000 when its fair value was expected to be $70,000 a sufficient difference that exercise seems reasonably certain the machine's estimated useful life was six years with no salvage value, Federated was aware that the lessor's implicit rate of return was 10% (EV of 51 PV 51. EVA OSI. PVA of $1. EYAD 0f $1 a PVAD 5.1) (Use appropriate factor(s) from the tables provided) Required: 1. Cliculate the amount Federated should record as a night of use asset and lease liability for tres finance lease. 2. Prepare an amortization schedule that describes the pattern of interest expense for Federated over the lease term 3. Prepare the appropriate entries for Federated from the beginning of the lease through the end of the lease term Complete this question by entering your answers in the tabs below. required toured) Required Calculate the amount Federated should record as a right of useauet and lease ability for this finance lease. (Round your Intermediate and final answer to the nearest whole dollar amount.) Roones oby Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an amortization schedule that describes the pattern of interest expense for Federated over the lease term your intermediate and final answer to the nearest whole dollar amount. Enter all amounts as positive values.) Lease Amortization Schedule Date Payments Effective Decrease in Outstanding Interest Balance Balance 01/01/2018 12/31/2018 12/31/2019 12/31/2020 Total for Federated from the beginning of the lease through the end of the lease term. (Ro intermediate and final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, se entry required" in the first account field.) View transaction list Journal entry worksheet nces Record the lease. Note: Enter debits before credits Date January 01. 2018 General Journal Debit Credit Record entry Clear entry View general journal