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Glaus Leasing Company agrees to lease equipment to Jensen Corporation on January 1 , 2 0 2 4 . The following information relates to the

Glaus Leasing Company agrees to lease equipment to Jensen Corporation on January 1,2024. The following information relates to the lease agreement.
The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years.
The cost of the machinery is $525,000, and the fair value of the asset on January 1,2024, is $700,000.
At the end of the lease term, the asset reverts to the lessor and has a guaranteed residual value of $50,000. Jensen estimates that the expected residual value at the end of the lease term will be $50,000. Jensen amortizes all of its leased equipment on a straight-line basis.
The lease agreement requires equal annual rental payments each January 1, beginning on January 1,2024.
The collectibility of the lease payments is probable.
The implicit rate of interest is 5%.
1. Compute lease payment (show lessor's calculation):
2. Complete amortization schedule:
Cash Pmt Effective Interest Principle reduction Outstanding Balance
1/1/24
1/1/25
1/1/26
1/1/27
1/1/28
1/1/29
1/1/30
3. Prepare lessee's and lessor's journal entries on the following dates:
Jensen (Lessee) Glaus (Lessor)
January 1,2024
December 31,2024
January 1,2025
MUST use Excel formulas for all of the calculations!please include it it as the answer.

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