IBM leases equipment to Schleck Inc. The non-cancelable term is 6 years beginning January 1, 20X1, with equal rental payments of $41,900 paid at the beginning of each year. Schleck guarantees the $10,000 residual value. The fair value of the equipment at the inception of the lease is $215,496 and its cost is $180,000. The equipment has a useful life of 7 years. The lessees incremental borrowing rate is 10%, and the lessors implicit interest rate of 8% is known to the lessee. a. What is the amount of the Lease Receivable capitalized on the lease origination date? b. Interest revenue for fiscal year 20X1 equals? c. The December 31, 20X1 Lease Receivable carrying value equals? d. The January 1, 20X2 Lease Receivable carrying value equals? e. What is the total income associated with the lease for the lessor in FY01?