On December 31, 2020, a day when the available interest rate was 10% Valcent Products Inc. leased equipment with an eight-year life The contract called for an $7.200 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 1A 2 (Use appropriate factors 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 transactions Journal entry worksheet 1 2 3 > Record the lease of equipment. WEntrecret Dhe General Journal Debit Credit Dec 31, 2020 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 2022 2023 2025 OS Total expense