on july 1, 2017, shroff company leased a warehouse building under a 20 year lease agreement. the lease requires quarterly payments of 5500. the first lease payment is due on september 30, 2017. the lease was reported as a capital lease using 4% annual interest rate.

required: prepare a financial statement effect templet to show the effects of recording the initial signing of the leaseon july 1,2017 and the necessary entries on september 30 and december 31,2017.

PLEASE PROVIDE EXPLANATION DON'T SHOW ME JUST THE ANSWER OR USE OF EXCEL, I NEED TO CALCULATE IT BY HAND gives AS MUCH INFORMATION AS YOU CAN.