Hello, please show the work because I want to understand the process in solving these problems. Thank you!

1. Vee Brothers Company is negotiating to lease a piece of equipment to Mack, Inc. Mack requests that the lease be for 8 years. The equipment has a useful life of 10 years. Vee Brothers wants a guarantee that the residual value of the equipment at the end of the lease is at least $11,000. Mack agrees to guarantee a residual value of this amount though it expects the residual value of the equipment to be only $4,000 at the end of the lease term. If the fair value of the equipment at lease commencement is $255,000, what would be the amount of the annual rental payments Vee Brothers demands of Mack, assuming each payment will be made at the beginning of each year and Vee Brothers wishes to earn a rate of return on the lease of 8%?

2. Norway Corporation leases equipment from Nova Scotia Company on January 1, 2017. The lease agreement does not transfer ownership, contain a bargain purchase option, and is not a specialized asset. It covers 4 years of the equipments 8-year useful life, and the present value of the lease payments is less than 90% of the fair value of the asset leased. Prepare Norways journal entries on January 1, 2017, and December 31, 2017. Assume the annual lease payment is $25,000 at the beginning of each year, and Norways incremental borrowing rate is 7%, which is the same as the lessors implicit rate. (hint: operating lease. 1/1/17 is lease inception and first lease payment. 12/31/17 is lease expense)

3. On January 1, 2018, Pharoah, Inc. signs a 10-year noncancelable lease agreement to lease a storage building from Holt Warehouse Company. Collectibility of lease payments is reasonably predictable and no important uncertainties surround the amount of costs yet to be incurred by the lessor. The following information pertains to this lease agreement. (a) The agreement requires equal rental payments at the beginning each year. (b) The fair value of the building on January 1, 2018 is $6,200,000; however, the book value to Holt is $5,150,000. (c) The building has an estimated economic life of 10 years, with no residual value. Pharoah depreciates similar buildings using the straight-line method. (d) At the termination of the lease, the title to the building will be transferred to the lessee. (e) Pharoahs incremental borrowing rate is 12% per year. Holt Warehouse Co. set the annual rental to insure a 12% rate of return. The implicit rate of the lessor is known by Pharoah, Inc.

What is the annual lease payment excluding executory costs? (Rounded to the nearest dollar.)

4. Norway Corporation leases equipment from Nova Scotia Company on January 1, 2017. The lease agreement does not transfer ownership, contain a bargain purchase option, and is not a specialized asset. It covers 4 years of the equipments 8-year useful life, and the present value of the lease payments is less than 90% of the fair value of the asset leased. Prepare Norways journal entries on January 1, 2017, and December 31, 2017. Assume the annual lease payment is $25,000 at the beginning of each year, and Norways incremental borrowing rate is 7%, which is the same as the lessors implicit rate. (hint: operating lease. 1/1/17 is lease inception and first lease payment. 12/31/17 is lease expense)