On January 1, 2024. Majectic Martiec leased a lathe from Equipment Leasing under a finance lease. Leace payments are made. annually. Tite does not trancfer to the lessee and there is no purchase opton or guarantee of a residual value by Majestic. Portions of the Equipment Leasing's lease amorttzation schedule appear below: Required: 1. What is Malestic's lease liablity at the beginning of the lease (after the first payment? 2. What amount would Majestic record as a night-of-use asset? 3. What is the lease term in years? 4. What is the effecteve annual Interest rate? Note: Round your percentage answer to 1 decimal place. 5. What is the total amount of lease payments? 6. What is the total effectlve interest expense recorded over the term of the lease