Marks Machinery Company manufactures and sells or leases various types of farming equipment. On $\frac{1}{1}\frac{?}{24},$ Marks leased a large

plowing system to Donnal Farms. Data relating to the lease follow:

Both the lessor and lessee use straight$-$line depreciation and have accounting periods that end on $12/31.$

Required:

a$.$ Calculate the yearly payment that Marks will charge Donnal under this lease agreement if payments are made on $\frac{1}{1}$ of each year,

beginning $\frac{1}{1}\frac{?}{24}.$

b$.$ Construct the lease amortization table and prepare all journal entries that would be made by Marks $($lessor$)$ during $2024$ and $2025$

relating to this lease.

c$.$ Construct the lease amortization table and prepare all journal entries that would be made by Donnal $($lessee$)$ during $2024$ and $2025$

relating to this lease.

d$.$ Prepare the journal entries made by both Marks and Donnal with respect to the lease termination if the actual residual value

of the computer equipment is $$15,000.$