Lease Term (in years) 3 quarterly rental payments (paid at the beginning of each quarter)Effectiveinterestrate$30,00012% Present value of lease payments Prepare the lease amortization schedule. Based on the amortization schedule, please answer the following questions. Q1: what is the lessee's lease expense in Y1 if this is an operating lease? Q2: what is the lessee's interest expense in Y1 if this is an operating lease? Q3: what is the lessee's amortization expense related to the right-of-use assets in Y1 if this is an operating lease? Q4: what is the lessee's amortization ex Q5: Prepare the journal entry for the lessor on 01/01/Y1 if this is an operating lease. Q6: Prepare the journal entry for the lessor on 04/01/Y2 if this is an operating lease. Q7: Prepare the journal entry for the lessor on 04/01/Y2 if this is a sales-type lease. Sensitivity Analysis the quarterly lease payments is $37,000 and the effective interest rate is 9% the quarterly lease payments is $24,000 and the effective interest rate is 13% Lease Term (in years) 3 quarterly rental payments (paid at the beginning of each quarter)Effectiveinterestrate$30,00012% Present value of lease payments Prepare the lease amortization schedule. Based on the amortization schedule, please answer the following questions. Q1: what is the lessee's lease expense in Y1 if this is an operating lease? Q2: what is the lessee's interest expense in Y1 if this is an operating lease? Q3: what is the lessee's amortization expense related to the right-of-use assets in Y1 if this is an operating lease? Q4: what is the lessee's amortization ex Q5: Prepare the journal entry for the lessor on 01/01/Y1 if this is an operating lease. Q6: Prepare the journal entry for the lessor on 04/01/Y2 if this is an operating lease. Q7: Prepare the journal entry for the lessor on 04/01/Y2 if this is a sales-type lease. Sensitivity Analysis the quarterly lease payments is $37,000 and the effective interest rate is 9% the quarterly lease payments is $24,000 and the effective interest rate is 13%