I am not sure what I am doing wrong could someone please help everything is correct except for two spots

1 Rhone-Metro Industries manufactures equipment that is sold or leased on December 31, 2021, Rhone- Metro leased equipment to Western Soya Co for a noncancelable stated lease term of four years ending December 31, 2025, at which time possession of the leased asset will revert back to Rhone-Metro. The equipment cost $300,000 to manufacture and has an expected useful life of six years. Its normal sales price is $353,599. The expected residual value of $40,000 of December 31, 2025, is not guaranteed. Western Soya Co. i reatonably certain to exercise a purchase option on December 30, 2024, at an option price of $22.000. Equal payments under the lease are $126,000 (including $4.000 annual maintenance costs) and are due on December 31 of each year. The first payment was made on December 31, 2021 Western Soya's incremental borrowing rate is 11% Western Soya knows the interest rate implicit in the lease payments is 99. Both companies use straight line amortization Hint: Alease tem ends for accounting purposes when an option becomes exercisable if it's axpected to be exercised le., BPO). (CEV 51 PV of $1. EVA of $1. PVA of $1.EVAD off and PVAD of 5) (Use appropriate factor(s) from the tables provided) Required: 1. Show how Rhone Metro calculated the $126,000 annual lease payments 2. How should this lease be classified (a) by Western Soya Co the lessee) and (b) by Rhone Metro Industries the lesson? 3. Prepare the appropriate entries for both Western Soya Co. and Rhone Metro on December 31, 2021 4. Prepare an amortization schedule(s) describing the pattern of interest over the lease term for the lesses and the lesson 5. Prepare the appropriate entries for both Western Soys and Rhone Metro on December 31, 2022 (the second rent payment and amortization) Prepare the appropriate entries for both Western Soya and Rhone. Metro on December 30, 2024 assuming the purchase option is exercised on that date Answer is not complete Complete this question by entering your answers in the tabs below 2 Red LE ts LR Le Prepare the appropriate entries for Western Saya Docol, 2024.ing the purchase option is exercised on that cate at noe is required for a trama telectual entre in the first account the end vor intet and final answers to near Who Cesait 1 baneral Journal December 1, 20. Amortization penso Rosa Cab 58.933 Decontrainterest 1,6 2015 Car 22.000 December 21 20 Merco done Prepaid maintenance exponse 4000 Lucca Popal maintenance ODO Decoracion 400.00 ML TVO 1 Rhone-Metro Industries manufactures equipment that is sold or leased on December 31, 2021, Rhone- Metro leased equipment to Western Soya Co for a noncancelable stated lease term of four years ending December 31, 2025, at which time possession of the leased asset will revert back to Rhone-Metro. The equipment cost $300,000 to manufacture and has an expected useful life of six years. Its normal sales price is $353,599. The expected residual value of $40,000 of December 31, 2025, is not guaranteed. Western Soya Co. i reatonably certain to exercise a purchase option on December 30, 2024, at an option price of $22.000. Equal payments under the lease are $126,000 (including $4.000 annual maintenance costs) and are due on December 31 of each year. The first payment was made on December 31, 2021 Western Soya's incremental borrowing rate is 11% Western Soya knows the interest rate implicit in the lease payments is 99. Both companies use straight line amortization Hint: Alease tem ends for accounting purposes when an option becomes exercisable if it's axpected to be exercised le., BPO). (CEV 51 PV of $1. EVA of $1. PVA of $1.EVAD off and PVAD of 5) (Use appropriate factor(s) from the tables provided) Required: 1. Show how Rhone Metro calculated the $126,000 annual lease payments 2. How should this lease be classified (a) by Western Soya Co the lessee) and (b) by Rhone Metro Industries the lesson? 3. Prepare the appropriate entries for both Western Soya Co. and Rhone Metro on December 31, 2021 4. Prepare an amortization schedule(s) describing the pattern of interest over the lease term for the lesses and the lesson 5. Prepare the appropriate entries for both Western Soys and Rhone Metro on December 31, 2022 (the second rent payment and amortization) Prepare the appropriate entries for both Western Soya and Rhone. Metro on December 30, 2024 assuming the purchase option is exercised on that date Answer is not complete Complete this question by entering your answers in the tabs below 2 Red LE ts LR Le Prepare the appropriate entries for Western Saya Docol, 2024.ing the purchase option is exercised on that cate at noe is required for a trama telectual entre in the first account the end vor intet and final answers to near Who Cesait 1 baneral Journal December 1, 20. Amortization penso Rosa Cab 58.933 Decontrainterest 1,6 2015 Car 22.000 December 21 20 Merco done Prepaid maintenance exponse 4000 Lucca Popal maintenance ODO Decoracion 400.00 ML TVO