McCormick County agreed to acquire a new recreation equipment storage facility under a lease financing agreement At the Inception of the lease, a payment of $600,000 wil be made; four additional annual lease payments, each In the amount of $600,000, are to be made at the end of each year, beginning late in the current year. The total amount to be paid under this lease is $3,000,000. The lease arrangements Implied an annual Interest rate of 8 percent. Therefore, the present value of the lease at inception, Including the Initial payment, is $2,587,275. Assume that the fair value of the building at the Inception of the lease is $2,820,000. Required . Prepare entries required to record the. inception of the lease in the capital projects tund, the debt service fund, and the governmental activities journal and governmental activties journal. 1 Which financial statementis) prepared at the end of the first year would show both the asset and the liablty related b. Prepare entries required to record the payment at the end of the first year of the lease in both the debt service fund to this lease? c-2. What amount would the abty be reported? Complete this quesion by entering your answers in the tabs below Required Required Required Required C1 C2 Prepare entries required to record the inception of the lease in the capital projects fund, the debt service fund, and the governmental activities journal. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Show lessA General Journal Debit Credit 1. Record the inception of the lease. 1Capital Projects Fund Debt Service Fund Activites Required A Required B >