Lease Facts: Lease agreement between a manufacturer and a business who is leasing a piece of equipment with the useful life of eleven years beginning on May/30/2005. Equal payments from the lessee at the beginning of each year of the ten-year lease agreement. Included is a guaranteed residual value. The equipment's fair value and cost at inception of the lease are one of the same. The incremental interest as well as the implicit rate are 9% and the equipment is returned to the manufacturer at the end of this non-cancelable lease. They both use a straight-line-amortization method. Please answer the following questions in steps on how you got the answer and showing the calculations for each step. Please round all final answers. 1) What would the journal entries be for the lessor following ASPE