Minsk Leasing Company, a lessor, entered into a lease with the attached terms under the lease agreement. REQUIRED: (1) (2) (3) Calculate the amount of each annual payment that the lessor will receive based upon the desired rate of return, using the list price as the present value of the equipment being leased. Round your answer to the nearest whole dollar. Using the attached form, prepare an amortization schedule for the lessor. Round all calculations to the nearest whole dollar. Using the attached form, prepare all necessary journal entries, in proper general journal form, that would be required on the lessor's books for the year ending December 31, 20X5. Provide a brief explanation for each entry made. MINSK LEASING COMPANY LESSOR TERMS UNDER LEASE AGREEMENT WITH LESSEE (1) The lease term is eight years. (2) The lessor is to receive equal annual payments over the term of the lease. The leased property reverts to the lessor upon termination of the lease. (3) The lease begins on January 1, 20X5. Payments are due on December 31 of each year for the duration of the lease term. (4) The cost of the equipment being leased is $160,000. It has an estimated useful life of ten years. The list price of the equipment is $240,000 if it was purchased by the customer. (5) Both the lessor and the lessee have agreed that the equipment will have a residual value of $10,000 at the end of the lease. The residual value is not guaranteed. (6) The lessor expects a return on 10% on its leases. There are no uncertainties related to the lease agreement for the lessor and collection of the lease payments is relatively certain. (2) Beginning Payment Date Lease Receivable (3) Date MINSK LEASING COMPANY LEASE AMORTIZATION TABLE Annual Lease Payment Payment on Ending Interest Revenue Lease Receivable Lease Receivable MINSK LEASING COMPANY GENERAL JOURNAL FOR YEAR ENDING DECEMBER 31, 20X5 Explanation Debit Credit