please complete all parts to the problem. added extra pictures of answer choices to choose from for parts 2 and 3

A lease agreement calls for annual lease payments of $60,000 over a elght-year lease term (also the asset's useful life). Additional information: The lease is signed on January 1, 2021. The first lease payment is due on January 1, 2021. The interest rate is 4%. The lessor manufactured the asset at a cost of $400,000 The present value of lease payments is $420,123 The lease qualifies as a sales-type lease. Required: 1. Create a partial amortization schedule through the second payment on January 1, 2022 2. What would be the amounts related to the lease that the lessor would report in its income statement for the year ended December 31, 2021? (Ignore taxes. Amounts to be deducted should be indicated with a minus sign.) 3. What would be the amounts related to the lease that the lessee would report in its income statement for the year ended December 31, 2021? (Ignore taxes. Amounts to be deducted should be indicated with a minus sign) Complete this question by entering your answers in the tabs below. Red 1 Reg 2 Req3 What would be the amounts related to the lease that the LESSOR would report in its income statement for the year ended December 31, 2021? (Ignore taxes, Round your answers to nearest whole number. Amounts to be deducted should be indicated by a minus sign.). (Hint: Don't forget to accrue interest earned at year-end.] LESSOR's impact on income related to the lease for year ended 12/31/2021 set at a cost of $400,000 The present value of lease payments is $420,123. . The lease qualifies as a sales-type lease. Required: 1. Create a partial amortization schedule through the second payment on January 1, 2022. 2. What would be the amounts related to the lease that the lessor would report in its income statement for the year ended December 31, 2021? (Ignore taxes. Amounts to be deducted should be indicated with a minus sign.) 3. What would be the amounts related to the lease that the lessee would report in its income statement for the year ended December 31, 2021? (Ignore taxes. Amounts to be deducted should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Create a partial amortization schedule through the second payment on January 1, 2022. (Enter all amounts as positive values. Round your answers to nearest whole number.) Lease Effective Decrease in Outstanding Date Payment Interest Balance Balance 01/01/2021 01/01/2021 01/01/2022 Reg 2 > Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 What would be the amounts related to the lease that the LESSOR would report in its income statement for the year ended December 31, 2021? (Ignore taxes. Round your answers to nearest whole number. Amounts to be deducted should be indicated by a minus sign.) (Hint: Don't forget to accrue interest earned at year-end.) LESSOR's impact on income related to the lease for year ended 12/31/2021 Show All items Amortization expense Cost of goods sold Depreciation expense Interest expense Interest revenue Complete this question by entering your answers in the tabs below. Req1 Reg 2 Req3 What would be the amounts related to the lease that the LESSOR would report in its income statement for the year endea December 31, 2021? (Ignore taxes. Round your answers to nearest whole number. Amounts to be deducted should be indicated by a minus sign.) (Hint: Don't forget to accrue interest earned at year-end.) LESSOR's impact on income related to the lease for year ended 12/31/2021: Depreciation expense Interest expense Interest revenue Leasing expense Sales revenue Required: 1. Create a partial amortization schedule through the second payment on January 1, 2022. 2. What would be the amounts related to the lease that the lessor would report in its income statement for the year ended December 31, 2021? (Ignore taxes. Amounts to be deducted should be indicated with a minus sign.) 3. What would be the amounts related to the lease that the lessee would report in its income statement for the year ended December 31, 2021? (Ignore taxes. Amounts to be deducted should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. OK Reg 1 Reg 2 Req3 What would be the amounts related to the lease that the LESSEE would report in its income statement for the year ended December 31, 2021? (Ignore taxes. Round your answers to nearest whole number. Amounts to be deducted should be indicated by a minus sign.) [Hint: Don't forget to accrue interest owed at year-end.] LESSEE's impact on income related to the lease for year onded 12/31/2021: Depreciation expense Interest expense Interest revenue Leasing expense Sales revenue