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The following facts pertain to a non-cancelable lease agreement between Alschuler Leasing Company and McKee Electronics, a lessee, for a computer system. Commencement date Lease term Economic life of leased equipment Fair value of asset at October 1, 2020 Book value of asset at October 1, 2020 Residual value at end of lease term Lessor's implicit rate Lessee's incremental borrowing rate Annual lease payment due at the beginning of each year, beginning with October 1, 2020 October 1, 2020 6 years 6 years $313,043 $280,000 -O- 8 % 8 % $62,700 The collectibility of the lease payments is probable by the lessor. The asset will revert to the lessor at the end of the lease term. The straight line depreciation method is used for all equipment The following amortization schedule has been prepared correctly for use by both the lessor and the lessen in accounting for this lease. The lease is to be accounted for properly as a finance lease by the lessee and as a sales-type lease by the lesson Lease Interest (8%) on Unpaid Reduction of Lease Balance of Lease Date Payment/Receipt Lablity/Receivable Liability/Receivable Liability/Receivable 10/01/20 $313.043 10/01/20 $62,700 $62,700 250 343 10/01/21 62.700 $20,027 42.673 207,670 10/01/22 62.700 16,614 46,086 161,584 10/01/23 62,700 12.927 49.773 111 811 10/01/24 62.700 8.945 53.755 58.056 10/01/25 62.700 58.056 -O $376,200 563.157 $313043 4644 Assuming the lessee's accounting period ends on September 30, answer the following questions with respect to this lease agreement. (Round answers to decimal places eg. 58,971.) (1) What items and amounts will appear on the lessee's income statement for the year ending September 30, 2021? $ 20.027 Interest Expense 52,174 Amortization Expense (2) What items and amounts will appear on the lessee's balance sheet at September 30, 2021? Balance Sheet (Partial) September 30, 2021 Current Liabilities Lease Liability $ 62.700 Long-term Liabilities Lease Liability $ 207670 Non-current Assets Rightof-Use A 200,260 (3) What items and amounts will appear on the lessee's income statement for the year ending September 30, 20227 16.014 Interest 52174 Amortisation 14 What items and amounts will appear on the lessee balance sheet at September 30, 2022 Balance Sheet (Partial) September 303022 Current Les $ 700 t'a. Long term Liabilities Loy Non current Assets Assuming the lessee's accounting period ends on December 31, answer the following questions with respect to this lease agreement. (Round answers to decimal places eg. 58,971) (1) What items and amounts will appear on the lessee's income statement for the year ending December 31, 2020? $ $ (2) What items and amounts will appear on the lessee's balance sheet at December 31, 2020? Balance Sheet (Partial) Current Liabilities: Long-term Liabilities: Non current Assets: $ (3) What items and amounts will appear on the lessee's income statement for the year ending December 31, 2021? $ $ (4) What items and amounts will appear on the lessee's balance sheet at December 31, 20212 Balance Sheet (Partial) Current Liabilities: $ Long-term Liabilities Non-current Assets