Long-Term Liabilities - Leases Time left 0:59:5 ACME Manufacturing Ltd. has entered into an agreement to lease manufacturing equipment. The following terms are included in the lease: Lease term Monthly payment on last day of the month. Lease interest rate Estimated useful life of equipment 5 years $2,376 7% per annum 5 years Present value of lease payments $120,000 The lease is entered into on January 1, 2022. The equipment can be purchased for $125,000. The company uses straight- line depreciation. Requirement 1: Prepare the journal entry on January 1, 2022 to recognize the lease. Enter Debits before Credits and enter amounts in order of HIGHEST TO LOWEST dollar value. If a cell does not require a number leave it blank or enter 0. A Account DR CR Time left 0:59:30 Requirement 2: Record the entry for the first lease payment on January 31, 2022. Enter Debits before Credits and enter amounts in order of HIGHEST TO LOWEST dollar value. If a cell does not require a number leave it blank or enter 0. Account DR CR Requirement 3 What it is the value of the outstanding lease liability on January 31, 2022? $ Requirement 4: Record the entry for the depreciation expense on January 31, 2022. Enter Debits before Credits and ented amounts in order of HIGHEST TO LOWEST dollar value. If a cell does not require a number leave it blank or enter 0. Account DR CR Requirement 5: What is the carrying value of the leased equipment on December 31, 2022? $