Federated Fabrications leased a tooling machine on January 1, 2024, for a three-year perlod ending December 31,2026. - The lease agreement speclfied annual payments of $40,000 beginning with the first payment at the beginning of the lease, ano each December 31 through 2025. - The company had the option to purchase the machine on December 30, 2026, for $49,000 when Its falr value was expected to be $64,000, 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 financlal calculator. (FV of \$1. PV of \$1. FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1 ) Required: 1. Calculate the amount Federated should record as a right-of-use asset and lease llablity for this finance lease. 2. Prepare an amortization schedule that describes the pattern of Interest expense for Federated over the lease term. 3. Prepare the approprlate entrles for Federated from the beginning of the lease through the end of the lease term. Prepare the appropriate entries for Federated from the beginning of the lease through the end of the lease term. Note: Round your intermediate and final answers to the nearest whole dollar amount, If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Table 1 Future value of $1 TABLE 2 Present value of $1 Table 3 Future Value of an Ordinary Annuity of $1 Table 4 Present Value of an Ordinary Annuity of $1 PV=(1(1/(1+^n)/i Table 5 Future Value of an Annuity Due of $1 FVAN 1//1,Nn1/A/1,N Table 6 Present Value of an Annuity Due of $1