On May $1$st $2020$ a company signs a lease acquiring the right to use an airplane for three years, and at the end of the lease the company will become the owner of the airplane. The lease is considered a capital lease with an interest rate of $12\%$ and monthly payments. The company agrees to repay the loan in equal monthly installments of $$3520\mathrm{.}66$ over the next $3$ years. The first payment is to be made on May $31$st $2020.$

Required $1$: What is the amount of the lease recognized in the books as of May $1$st $2020?$ $

Required $2$: For the first year, what is the amount of interest expense recognized in the Income Statement of April $30$th $2021?$ $

Required $3$: For the first year, what is the amount of the lease reported in the Balance Sheet of April $30$th $2021?$ $

Required $4$: For the second year, what is the amount of interest expense recognized in the Income Statement of April $30$th $2022?$ $

Required $5$: For the second year, what is the amount of the lease reported in the Balance Sheet of April $30$th $2022$ $

Required $6$: For the third year, what is the amount of lease payments $($excluded interest$)$ made between May $1$st $2022$ and April $30$th $2023?$ $

Required $7$: In the last payment on April $30$th $2023,$ what is the amount of the last payment to cancel the loan? $