On $1$ January $20$X$1,$ Canada Leasing Inc. acquired an asset on behalf of Magnum Ltd$.$ for $$480,000.$ Canada Leasing and Magnum enter into a six$-$year lease for the asset, effective $1$ January $20$X$1,$ with equal payments made by Magnum at the beginning of each lease year. Canada Leasing will earn $7\%($before taxes$)$ on the lease. Canada Leasing has a $31$ December fiscal year$-$end. $($PV of $$1,$ PVA of $$1,$ and PVAD of $$1.)($Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

$1.$ Determine the amount of each lease payment. $($Round your answer to $2$ decimal places.$)$

$2.$ Make the journal entries that would appear in Canada Leasing Inc.$$s accounts for $20$X$1,20$X$2,$ and $20$X$3,$ using the net method of recording. $($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.$)$

$3.$ Make the journal entries that would appear in Canada Leasing Inc.$$s accounts for $20$X$1,20$X$2,$ and $20$X$3,$ using the gross method of recording the lease. $($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.$)$

$4.$ What amount$($s$)$ relating to the lease, reported using the net method, will be shown on Canada Leasing Inc.$$s SFP on $31$ December $20$X$3?($Round your intermediate calculations and final answer to the nearest whole dollar amount.$)$