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On January 1, 2021, Majestic Mantles leased a lathe from Equipment Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by Majestic. Portions of the Equipment Leasing's lease amortization schedule appear below: Effective Decrease in Outstanding Jan. 1 Payments Interest Balance Balance 314, 048 2021 24,000 24,000 290, 048 2022 24,000 14,502 9,498 280, 550 2023 24,000 14,028 9,972 270,578 2024 24,000 13,529 10,471 260, 107 2025 24,000 13,005 10,995 249, 112 2026 24,000 12,456 11,544 237, 568 2027 24,000 11,878 12, 122 225, 446 5 2038 2039 2040 24,000 24,000 24,000 11, 272 2,231 1,143 12,728 21, 769 22,857 44,627 22,858 0 Required: 1. What is Majestic's lease liability after the first lease payment?? 2. What amount would Majestic record as a right-of-use asset? 3. What is the lease term in years? 4. What is the effective annual interest rate? (Round your percentage answers to 1 decimal place.) 5. What is the total amount of lease payments? 6. What is the total effective interest expense recorded over the term of the lease? 1. Lease liability 2. Right-of-use asset 3. Lease term 4. Effective annual interest rate 5. Total of lease payments 6. Total effective interest expense years % 6