On January 1, 2024, Butterfly, incorporated leased mining equipment from Diamond Corporation under a nine-year lease agreement. The lease agreement specifies annual payments of $67,000 beginning January 1,2024 , the beginning of the lease, and at each December 31 thereafter through 2030. The equipment was acquired recently by Diamond at a cost of $495,400 (ts fair value) and was expected to have a useful life of 12 years with no salvage value at the end of its life. (Because the lease term is only 9 years, the asset does have an expected residual value at the end of the lease term of $35,200.) Diamond seeks a 10\% return on its lease investments. By this arrangement, the lease is decmed to be a finance lease. Note: Use tables, Excel, or a financial calculator: (EV of S1, PV of S1, EVA of S1, PVA ot S1. EVAD of S1 and PVAD of S3) Required: 1. What wil be the effect of the lease on Butterfy's earnings for the first year (lgnore taxes)? Note: Enter value of decrease with a negative sign. Round your intermediate calculations and final answers to the nearest Whole doliar amounts. 2. What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Butterfly (ignore taxes)? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount