How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Round answers to the nearest whole dollar. Assets Leased Asset Balance Sheet Liabilities + Stockholders' Equity Lease Obligation Revenues Income Statement Explain why the value of the leased asset is not recorded at $6,596 ($1,649 x 4). The leased asset should be reported at the of the payments which is $ not at $ Feedback Check My Work Partially correct b. Identify and analyze the effect of the first lease payment on December 31, 2017. Activity Accounts Statement(s) Feedback Check My Work Identify and analyze the transaction by using the following steps: 1. Determine activity - operating, investing or financing. 2 Determine accounts affected and the amount of increases/decreases Expenses Net Income