Instructions Answer the following questions, rounding all numbers to the nearest dollar. a$.$ Using tables, a financial calculator, or Excel functions, calculate the PV of the lease payments and unguaranteed residual value under the lease. b$.$ Discuss the nature of this lease in relation to the lessor and calculate the amount of each of the following items: Gross investment Unearned interest income Sale price Cost of goods sold c$.$ Prepare a $10-$year lease amortization schedule for the lease obligation using Excel. d$.$ Prepare all of the lessor's journal entries for the first year of the lease, assuming the lessor's fiscal year end is five months into the lease. Reversing entries are not used. e$.$ Determine the current and non$-$current portions of the net investment at the lessor's fiscal year end, which is five months into the lease. f$.$ Assuming that the $$15,000$ residual value is guaranteed by the lessee, what changes are necessary to parts $($a$)$ to $($e$)?$ g$.$ Assume that, as an alternative, CHL would consider leasing the equipment for $12$ years if it could recover the normal selling price of $$210,482.$ How much would CHL charge the lessee annually for a $12-$year lease? Assume the residual value at the end of $12$ years would be $$0,$ and that lease payments would be due at the start of each year. Show calculations using any of the following methods: $(1)$ factor tables, $(2)$ a financial calculator or $(3)$ Fxcel functioncno bargain purchase option is avallable at the end of the lease. Would your treatment of the lease change for financial reporting purposes? $\{$ P$20\mathrm{.}15$ CHL Corporation manufactures specialty equipment with an estimated economic life of $12$ years and leases it to Provincial Airlines Corp. for a period of $1,0$ years. Both CHL and Provincial Airlines follow ASPE. The equipment's normal selling price is $$210,482$ and its unguaranteed residual value at the end the lease term is estimated to be $$15,000.$ Provincial Airlines will make annual payments of $$25,000$ at beginning of each year and pay for all maintenance and insurance. CHL incurred costs of $$105,000$ in anufacturing the equipment and $$7,000$ in negotiating and closing the lease. CHL has determined that the collectibility of the lease payments is reasonably predictable, that no additional costs will be incurred, and that the implicit interest rate is $8\%.$