Federated Fabrications leased a tooling machine on January 1, 2024, for a three-year period ending December 31, 2026. - The lease agreement specifled annual payments of $41,000 beginning with the first payment at the beginning of the lease, and each December 31 through 2025. - The company hod the option to purchase the machine on December 30,2026 , for $50,000 when its fair value was expected to be $65,000, 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 11%. Note: Use tables, Excel, or a financial calculator. (EV of S1, PV CLS1, EVA of S1, PVA of S1, EVAD of S1 and PVAD of Si) Required: 1. Calculate the amount Federated should record as a right-of-use asset and lease liability for this finance lease. 2. Prepare an amprization 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. Calculate the amount federated should record as a night-of-use asset and lease liability for this finance lease. Ficha Round your intermediate and finat answer to the nearest whole dollar amount. 2. Prepare an amortization schedule that describes the pattern of interest expense for Federated over the 3. Prepare the appropriate entries for Federated from the beginning of the lease through the end of the le Complete this question by entering your answers in the tabs below. Prepare an amortization schedule that describes the pattern of interest expense for Federated over the lease term. Note: Round your intermediate and final answers to the nearest whole dollar amount. Enter all amounts as positive View transaction list 2 points 1 Record the lease. Skipped 2. Record the cash payment. e8ook 3 Record the amortization for Federated. Htnt 4 Record lease payment. Print 5 Record the amortization for Federated. Refrences 6 Record lease payment. 7 Record the amortization for Federated. 8 Record final lease payment. Note : = journal entry has been entered Record entry Clear entry Viow general Journal