Federated Fabrications leased a tooling machine on January 1, 2024, for a three-year period ending December 31,2026. - The lease agreement specified annual payments of $46,000 beginning with the first payment at the beginning of the lease, anc each December 31 through 2025. - The company had the option to purchase the machine on December 30,2026 , 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%. Note: Use tables, Excel, or a financial 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 liability 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 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 right-of-use asset and lease liability for this finance lease. Note: Round your intermediate and final answer to the nearest whole dollar amount. Federated Fabrications leased a tooling machine on January 1, 2024, for a three-year period ending December 31,2026. - The lease agreement specified annual payments of $46,000 beginning with the first payment at the beginning of the lease, an each December 31 through 2025. - The company had the option to purchase the machine on December 30,2026 , for $55,000 when its fair value was expected t 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%. Note: Use tables, Excel, or a financial 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 liability 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 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. 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 values. Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet Note: tnter debits betore credits. Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet 235678> Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet \begin{tabular}{llll} 1 & 2 & 3 & 4 \\ \hline \end{tabular} Record the amortization for Federated. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet 1234578> Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet Note: tnter debits betore credits. Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet Note: Enter debits betore credits. Federated Fabrications leased a tooling machine on January 1, 2024, for a three-year period ending December 31,2026. - The lease agreement specified annual payments of $46,000 beginning with the first payment at the beginning of the lease, anc each December 31 through 2025. - The company had the option to purchase the machine on December 30,2026 , 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%. Note: Use tables, Excel, or a financial 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 liability 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 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 right-of-use asset and lease liability for this finance lease. Note: Round your intermediate and final answer to the nearest whole dollar amount. Federated Fabrications leased a tooling machine on January 1, 2024, for a three-year period ending December 31,2026. - The lease agreement specified annual payments of $46,000 beginning with the first payment at the beginning of the lease, an each December 31 through 2025. - The company had the option to purchase the machine on December 30,2026 , for $55,000 when its fair value was expected t 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%. Note: Use tables, Excel, or a financial 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 liability 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 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. 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 values. Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet Note: tnter debits betore credits. Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet 235678> Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet \begin{tabular}{llll} 1 & 2 & 3 & 4 \\ \hline \end{tabular} Record the amortization for Federated. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet 1234578> Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet Note: tnter debits betore credits. Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet Note: Enter debits betore credits