Hayes Corp, is a manufacturer of truck trailers. On January 1, 2018, Hayes Corp. leases 11 trailers to Lester Company under a 5-year noncancelable lease agreement. The following information about the lease and the trailers is provided: Equa annual investment (present value factor for each year arov de Hayes Corp with an l 1. % Titles to the trailers pass to Lester at the end of the lease. 2. The fair value of each trailer is $52,800. The cost of each trailer to Hayes Corp. is $46,200. Each trailer has an expected useful life of nine years. 3. 4. Collectibility of the lease payments is probable. Click here to view factor table. What type of lease is this for the lessor? Calculate the annual lease payment. (Round present value factor places, e.g. 1.25124 and the final answer to o decimal places e.g. 5,275.) calculations to S decimal Annual lease payment s Prepare a lease amortization schedule for Hayes Corp. for the first three years. (Round answers to decimal places e.g. 5,275 Hayes Corp Lease Amortization Schedule (Lessor) Interest on Lease Receivable Lease Lease Receivable Recovery Receivable Date Annual Lease Rental 1/1/20 Prepare the journal entries for the lessor for 2018 to record the lease agreement, the receipt of the recognition of revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit January 1, 2018 (To record the lease) January 1, 2018 (To record receipt of the first lease payments) December 31, 2018 To record interest earned during the first year of the lease)