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At January 1, 2024, Cafe Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. - The lease agreement specifies annual payments of $27,000 beginning January 1,2024 , the beginning of the lease, and on each December 31 thereafter through 2031 - The equipment was acquired recently by Crescent at a cost of $198.000 (its fair value) and was expected to have a useful life of 12 years with no salvage value at the end of its life. - Because the lease term is only 9 years, the asset does have an expected residual valuc at the end of the lease term of $46,826 - Crescent seeks a 9% return on its lease investments. By this arrangement, the lease is deemed to be a finance lease Note: Use tables, Excel, or a financial calculator. (FV of S1. PV al.S1. PVA or S1, PVA of S1. FYAD of SI and PVAD of S1) Required: 1. What will be the effect of the lease on Cafe Med's earnings for the first year (ignore taxes)? Note: Enter decreases with negative sign. 2. What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Cafe Med (ignore taxes)? Note: For oll requirements, round your intermediate colculotions and finol onswers to the nearest whole dollars. Note: Use tabies, txcel, or a nnancial calculator. (t V of $1. FV of $1. tVA of $1, rVA of $1, tVAU of $1 and rVAU of $1) Required: 1. What will be the effect of the lease on Cafe Med's earnings for the first year (ignore taxes)? Note: Enter decreases with negative sign. 2. What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Cafe Med lignore taxes)? Note: For all requirements, round your intermediote calculations and final answers to the nearest whole dollars. Table 1 Futere vales of $1 IV = sintide TABI. 2 Present value of $ ) pV=51n+xn Table 3 Futme Valae of an Ordinary Ansuity of 51 NVA=((t+i)n1)5 Table 4 Present Valee of an Oritinary Anenity of $1 Dabie 5 futuse Value of an Anseity Due of $1 \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & & 1,5x & & & 16 & 1,53 & 4.01 & 4,3x & s.en & 5,34 & Gien & fa & ein & & Ben & If \\ \hline 1 & & & & 1. mowen & & 1. 00000 & 1. Goven & 1.0000: & & & lowe & Leveres & & Lecele & 1. nowere & III \\ \hline 2 & 15 wore & 1.965n & 1.9695 & & 1.2001) & 1-9isin & 1.0615 & 1.06404 & 3.524 & 1.04ie? & Iiside & & 1.22501 & 1.9174 & 1. vope? & 1. \\ \hline 3 & & & 2.94156 & 202147 & 3,3147 & & zisecen & & & 3.41112 & & zisenes & & 3.25011 & & 21 \\ \hline 4 & l. 2400 & & 3, talan & 3. aseor & & 3. 3016 & & 3.74106 & & & 1.6rat & 3.62413 & dismie & & & 3. \\ \hline 5 & 4. 2 ang & 4,6548 & & & 4. 1376 & 4.4,303 & 4.67000 & & 4.563 & 4.30513 & 4.46511 & 4.18721 & 4.31213 & & & 4. \\ \hline c. & & & 5. 13346 & 5.64581 & & & & 7. 240 is & & S.mews & & 5.10000 & 4.9211 & 4,08045 & & 4. \\ \hline 7 & bimsa & 6.6728 & 6.tends & 6.sessis & 6.41719 & & 0.24214 & B.15m? & 6. 97264 & $.90551 & 3.91/32 & & 3.62311 & 5.40102 & 5.38514 & 4 \\ \hline & 7.72619 & & ln410 & & 7,2928 & 3+11654 & 7.tages & c.ome & 6.75s? & 5,sen29? & c.sen & & 4.2601 & c.ants & & 3. \\ \hline & A.651fa & 9.41392 & 1.1254: & Piroit & & 7.02326 & 3.2914 & & & 7+3145 & 3.30012 & & 4,244 & E.5Bats & 6.31403 & . \\ \hline 18 & & 9.16052 & 0.14234 & A. Panes? & 8,7n+11 & 8.serey & 8.4513 & 4,2648 & & 7.25220 & & 3,31523 & & s.wens & 6.7ste2 & 68 \\ \hline 11 & 10.41120 & 1e.rate & 9.96259 & 9.75206 & 9.51900 & 9.31661 & 0.1100 & s.ginn & & 0.53763 & 8,34000 & 1.00354 & P.1100 & 7.41746 & 7.14001 & s.t. \\ \hline 12 & & 11.01112 & 19,14485 & 10.51421 & 10.2525? & 10.60155 & 9.7004 & 9.5112 & 9. 1064 & 2.002si & 3.30687 & & 3.13956 & 1.8951? & & 2. \\ \hline 11 & 12, 25 sats & & 11.5184 & 11,5776 & 14. vitale & 10,4613 & 10. Ioser & 1a.11ast & 9.66125 & 3.51152 & & 3,44264 & 8,560 & B.10013 & 7.31369 & 7 \\ \hline 14 & & & 12,2410 & 11.9i11 & 11,+3496 & 11,3927 & 3009565 & & 10.92357 & & 3.05263 & & A. & A.4lese & a.1esse & 2. \\ \hline 11 & & 13.54331 & 13,10675 & 17.60001 & 12.2360 & 11.25052 & 11,8112 & 11.22211 & 10, instint & & & & 7,24,24 & & & 7 \\ \hline 16 & & 14.3433 & 13.04+26 & 13.3414 & & 11.51841 & 12.11819 & & 11,3126 & 11. esise & 10,7238 & 10.1021 & 2,55344 & & A.boces & s. \\ \hline 17 & & Mabris: & 14.5721 & 14.essen & 11,56110 & 11.00412 & & & 14.14m & 11.40214 & 11,3056 & biturs & 2.13513? & 3.3124 & & 4. \\ \hline 18 & 18.96275 & 15.90765 & 15.27151 & 14.71220 & 14,16517 & 18.65132 & 13.1560? & menterth & 12.27401 & 11. 00461 & 11,47)24 & 16.76122 & 10.12184 & 3.54367 & 0.02155 & a. \\ \hline 19 & & 18.0725 & 15.97ase & 15.3519 & 14.75,351 & 14.110! & 11.85919 & & 12.514959 & 12.2400 & 11. 1820 & 11.06oe & 10,3725 & 9.73463 & 33444 & a.t \\ \hline 20 & & 17.42011 & 10.57846 & 15,4789 & 15.12300 & 14. NPrie & 14.13514 & & & 12.60565 & 12.1542 & 11,33564 & 19, falca & 9.95915 & & 4 \\ \hline 21 & 19,04555 & 18.16544 & 17,35249 & 16.59916 & & 15.21240 & 14.59013 & 14.0204 & 13,4627 & 12-95031 & 12.00002 & 11,50401 & 10,1015 & 10.12855 & 9.51146 & \\ \hline 31. & 32+2419 & 21. ere4I & 15.9720) & 18.25ane & & 17.05384 & 16.245 & 15.43548 & 14,79064 & 14, 5512 & 13.ssose & 12.4t333 & 11,63146 & & 3.93474 & 9. \\ \hline 10 & 26.05782 & & 22.8444 & 2745185 & 80,184a) & 17.0357 & 5,9637 & 17.0214 & 16,1+10? & 15. 11310 & 14.5007 & & & & 10.50901 & 3. \\ \hline 40 & 33.1503 & & 22.1025) & 2573a34 & 21.0002 & 2010720 & 20,58444 & 10.22016 & 38,04704 & & & & (12.178s & 11 ressi & & 3. \\ \hline \end{tabular}