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At January 1,2018, Caf Med leased restaurant equipment from Crescent Corporation. The lease agreement specifies annual payments of $31,000 beginning January 1, 2018, the beginning of the lease, and at each December 31 thereafter through 2025 (i.e., 9- year lease term). The equipment was acquired recently by Crescent at a cost of $234,000 (its fair value) and was expected to have a useful life of 13 years with no salvage value at the end of its life. Crescent seeks a 9% return on its lease investments. By this arrangement, the lease is deemed to be an operating lease. (FV of $1, PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) es pron opy cre the edy g lease at latfleatentwryante Required: 1. What will be the effect of the lease on Crescent's (lessor's) earnings for the first year? (Enter decreases with negative numbers.) 2. What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Crescent? For all requirements, round your intermediate calculations to the nearest whole dollar amount.) 1 Effect on earnings $ 13,000 221,000 2 Equipment balance (net, end of year) Deferred lease revenue 31,0000