+On 1/1/19 Slolee leased equipment from TaraR with the following terms: Annual lease payments - starting 1/1/19 Guaranteed residual value Lease term and economic life of asset FMV of leased equipment at 1/1/19 Lessee's & Lessor's rate $50,000 7 years $800,000 6% SloJoe uses straight line depreciation for all equipment and has a fiscal year that ends on December 31. Calculate the lease payment Prepare an amortization schedule for the life of the lease. Prepare all SloJoe journal entries for 2019 and 2020 relating to the lease. How will the lease obligation, related payables, and the lease asset appear on the SloJoe 12/31/20 balance sheet? TaraR acquired the equipment leased to SloJoe for $720,000 on 12/10/2019. TaraR has a fiscal year that ends on December 31. Prepare all Tara journal entries for 2019 and 2020 relating to the lease