Home leasing company agrees to lease equipment to Golden Corporation(sales-type lease) on Jan 1, 2012. The following information relates to the lease agreement a) The term of the lease is seven years with no renewal option and the equipment has an estimated economic life of seven years b) The cost of the equipment is 210,000 and the fair value of the asset on 01/01/12 is 280,000 c) At the end of the lease term the assets revert to the lessor. At the end of the lease term the asset is expected to have a risidual value of 52,000 of of which is guarnteed bty the lessee. d) Golden Corporation assumes responsibility for all executor costs e) The lease agreement requires equal annual rental payments beginning on Jan 1, 2012 f) the collectability of the lease payment is reasonably predictable and there are no important uncertainties surrounding the amount of the costs yet to be incurred by the lessor. 1) Assuming the lessor desires a 12% rate of return on its investment, calculate the amount of the annual rental payment required. Round to the nearesr dollar 2) Prepare an amoritazion schedule for the lessor for 2012 and 2013 3) Prepare the journal entries the lessor would make in 2012 and 2013 related to the lease agreement. Assume that Home leasing Company has a Dec 31 year end