On June 30, 2023, Hoosiers, Inc. leased a machine that assembles basketballs from Remember the Titans Company. Terms of the lease required Hoosiers to make semiannual lease payments of $1,063,445 over a four-year period. Payments are due June 30 and December 30 of each year beginning June 30, 2023. The useful life of the machine is four years, and Remember the Titans implicit annual interest rate is 12% and is known by Hoosiers. The cost of the machine to Remember the Titans and the fair value are both $7,000,000.

A. Prepare all of Remember the Titans 2023 journal entries related to this lease.

B. What is reported on Remember the Titans 2023 Income Statement related to this lease?

C. What is reported on Remember the Titans2024 Income Statementas interest revenue?

D. What is reported on Remember the Titans Balance Sheet related to this lease on12/31/24?