On January 1, 2021, Cafe leased equipment from Crescent Co, under a nine-year lease. The lease specifies annual payments of $25,000 beginning January 1, 2021 and each December 31 thereafter through 2028. The equipment was recently purchased by Crescent at a cost of $180,000 (its fair value) and was expected to have a useful life of 13 years with no salvage value at the end of its life. The lease is deemed to be an operating lease. Identify the following statements that are TRUE regarding Crescent's accounting for the lease. Depreciation Expense for 2021 is $20,000. Lease Revenue for 2021 is $25,000. The book value of the equipment on the December 31, 2021 balance sheet is $200,000 The value of Deferred Lease Revenue on the December 31, 2021 balance sheet is $25,000 Question 21 (5 points) Listen Ames Co. had net income of $507,000 for 2021 with an income tax rate of 25%. MacBook Air % 4 5