Part $1$: At January $1,2024,$ Norway Company leased a machine from Yong Manufacturer. The following information pertains to the lease: Lease term $3$ years Annual lease payments beginning January $1,2024$ and at each December $31$ thereafter through $2025$ $$80,000$ Present value of lease payments at $6\%($selling price of machine$)$ $$226,671$ Yong Manufacturer's implicit rate $($known by Norway$)6\%$ On December $31,2026,$ the machine reverts back to Yong. Both companies use straight$-$line depreciation$/$amortization$.$ Assume useful life of machine is $3$ years. The lease is classified as a finance lease$/$sales$-$type lease: What is the amount related to the lease that Norway will report in its income statement for the year ended December $31,2024?($Ignore income taxes.$)$ What is the balance of lease liability that Norway will report in its balance sheet at December $31,2024?$ What is the balance of right$-$of$-$use asset that Norway will report in its balance sheet at December $31,2024?$ What is the amount related to the lease that Norway will report in its income statement for the year ended December $31,2024?($Ignore income taxes.$)$ What is the balance of lease liability that Norway will report in its balance sheet at December $31,2024?$ What is the balance of right$-$of$-$use asset that Norway will report in its balance sheet at December $31,2024?$ What is the amount related to the bonds that Norway will report in its statement of cash flows for the year ended December $31,2024?$ Indicate the category in which to classify cash flows. activities at $($amount$),$ activities $($amount$)$ Assume the cost of the machine on Yong's book is $$156,671.$ What is the amount related to the lease that Yong will report in its income statement for the year ended December $31,2024?$Part $2$: At January $1,2024,$ Norway Company leased a machine from Yong Manufacturer. The following information pertains to the lease: Lease term $3$ years Annual lease payments beginning January $1,2024$ and at each December $31$ thereafter through $2025$ Present value of lease payments at $6\%$ $$80,000$ $$226,671$ Yong Manufacturer's implicit rate $($known by Norway$)6\%$ On December $31,2026,$ the machine reverts back to Yong. Both companies use straight$-$line depreciation$/$amortization$.$ Assume useful life of machine is $5$ years. Fair value of equipment is $$360,000.$ The lease is classified as an operating lease: What is the balance of right$-$of$-$use asset that Norway will report in its balance sheet at December $31,2024?$