On December 31, 2020, a day when the available interest rate was 12%, Valcent Products Inc. leased equipment with an eight-year life. The contract called for an $8,700 annual lease payment at the end of each of the next five years, with the equipment becoming the property of the lessee at the end of that period. Use TABLE 14A.2. (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare entries to record (Do not round intermediate calculations. Round the final answers to the nearest whole dollar) a. the leasing of the equipment, b. depreciation expense for 2021 assuming straight-line and a zero residual value, c. the December 31, 2021, lease payment, including the recognition of interest expense on the lease liability on December 31, 2021. View transaction list :X: 1 > Record the lease of equipment. 2 Record the depreciation expense on leased equipment. 3 Record the lease payment. Credit 2. Prepare an amortization schedule for the lease liability. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Year Beginning Net Liability Payment Interest Expense Reduction in Lease Liability Lease Liability at End of Year 2021 2022 2023 2024 2025 Total expense