On January 1, 2024, Lesco Leasing leased equipment to Quality Services under a finance/sales-type lease designed to earn Lesco a 10% rate of return for providing long-term financing. The lease agreement specified. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. EVA of $1, PVA of $1. EVAD of $1 and PVAD of $1) a. Ten annual payments of $69,000 beginning January 1, 2024, the beginning of the lease and each December 31 thereafter through 2032 b. The estimated useful life of the leased equipment is 10 years with no residual value. Its cost to Lesco was $432,577 c. The lease qualifies as a finance lease/sales-type lease. d. A 10-year service agreement with Quality Maintenance Company was negotiated to provide maintenance of the equipment as required. Payments of $5,000 per year are specified, beginning January 1, 2024. Lesco was to pay this cost as incurred, but lease payments reflect this expenditure. Also included in the $69,000 payments is an insurance premium of $4,000 providing coverage for the equipment. Required: 1. Prepare the appropriate entries for both the lessee and lessor related to the lease on January 1, 2024 2. Prepare the appropriate entries for both the lessee and lessor related to the lease on December 31, 2024 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate entries for both the lessee and lessor related to the lease on January 1, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Prepare the appropriate entries for both the lessee and lessor related to the lease on January 1, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar. View transaction list 1 Record the beginning of the lease for Quality Services. 2 Record the lease and maintenance payment made by Quality. 3 Record the beginning of the lease for Lesco. 4 Record the lease and maintenance payment received by Lesco. Credit Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate entries for both the lessee and lessor related to the lease on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar. View transaction list 1 Record the lease and maintenance payment made by Quality. 2 Record amortization. 3 Record the lease and maintenance payment received by Lesco. Credit > 4 Table 6 Present Value of an Annuity Due of $1 PVAD ((1-(1/(1+i)))) (1+) W/E 1.0% 1.5% 2.0% 3 1.00000 1.00000 1.00000 2.5% 1.00000 3.0% 3.5% 4.0% 4.5% 5.0% 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 6.0% 1.00000 7.0% 8.0% 9.0% 10.0% 11. 1.00000 1.00000 2 1.99010 1.98522 1.90 1.97561 1.97067 1,96618 1.96154 3.95604 1.5523 1.54787 1.54300 3 2.97648 2.95588 2.94156 2.92742 2.91347 2.89969 2.88609 2.87267 2.85941 2.84632 2.83339 1.93458 3.92593 2. 1.000 3.91743 1.00000 1.00 1.500 1.90 2.78326 3.75911 2.73554 2.7% 4 3.94099 3.91220 3.88388 3.85602 3.82861 3.80164 3.77509 3.74896 3.72325 3.69793 3.67301 3.62432 3.57710 3.53129 3.48685 HE 3 4.90197 4.85434 4.80773 4.76197 4.71710 4.67368 4.62998 ESCRS 4.54595 4.50515 4.46511 4.38721 4.31213 4.23972 5.85343 5.78264 5.71346 5.64583 5.57971 5.51505 5.45182 5.14998 5.32948 5.27028 5.21236 5.10020 4.99271 4.38965 4.79879 4.45 7 6.79548 6.69719 6.60143 6.50813 6.41719 6.32855 6.24224 6.15787 6.87569 5.99553 5.91732 5.76654 5.62288 5.48592 3.35526 7.72819 7.59821 7.47199 7.34939 7.23028 7.11454 7.00205 6.78637 6.68297 6.58238 6.38929 620617 5.96842 3.48593 8.32548 8.37014 8.91969 7.87396 7.73274 7.595 7.46321 7.33457 7.20979 6.97130 6.74664 6.53482 5.71 14 10 11 9.56602 10.47130 10.22218 9,34052 9.16224 8.97087 8.78611 8.60769 8.26979 4.10782 2,95220 7.19 7.53523 7.24589 6.99525 6.75302 12 14 15 16 17 11.36765 12.2550 12.73153 23.13374 14.00370 23.54338 14.86505 14:34323 15.75787 36.36225 9.98259 10.78585 11.07112 11.98751 11.57534 12,94837 9.75206 9.53020 9.31661 9.11090 .91272 8.72173 8.53763 8.30009 8.82358 7.71008 7.41766 7.14457 28.53421 11.25776 10.25262 10.00115 10.95408 18.66333 9.7604 10.385 9.52892 9.30641 9.09254 497 8.13806 9.88125 0.01852 3.383 8.94209 7.30539 16075 3,49506 2.20 7.13 2.4 19 17.39827 28 18.22601 25.23126 15.90765 16.67256 17.42617 16.67846 13.10625 12.1 13.38138 13.84926 14.57771 14.05580 13.56110 14.71220 15.29187 15.99201 15.35336 12.93794 22.63496 12.29607 11.92052 12.51741 11.30274 10.98545 11.56312 10.00 10.39353 935765 8.2013 10,364 10.58965 10.29408 9.74547 9.24424 78 8.30600 2.96 13.412 14.1412 13.65332 12.11839 11.73955 12.65210 11.16567 14,75351 14.18968 15.97889 15.12188 14:79084 21 19.04555 18.16064 27.35143 16.58914 15.87747 15.21240 11.85918 24.194 14.59033 11.37966 11.03758 11.63777 12.23402 120719 12.27407 13.15999 12.959 10,71225 10.10791 9.55948 9. 3.scos 3.19 31.46216 10.44665 9.85137 8. 31256 8.82171 11.86461 11.47728 12.24607 12.60765 12.21812 13.82760 10.76322 11.0539 10.12164 10.371 0.543 3.02155 4.54 9.75563 CAL 4.70 9.3492 4.43 14.00794 13.46221 12.35038 12.46992 11.55481 25 22.24339 21.03041 39.91301 17.93554 17.01837 14.29664 14.15170 13.553 12.4933 30 20.06579 24.1760 22.44 21.4555 20.18845 40 21.3003 38.3645 27.54259 25.73834 19.03577 22-10250 17. 29.14448 172 13.22966 36.14107 15,33310 14.5072 10.81815 11.12876 32.15841 10.12455 9.51356 10.70662 8.59476 18-38yst 189266 14 23.72552 8.76 M 3.15 293