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Exerclse 15-13 (Algo) Lessee; operating lease; financlal statement effects [LO 15-4] At January 1, 2024, Caf Med leased restaurant equlpment from Crescent Corporation under a nine-year lease agreement. - The lease agreement specifes annual payments of $24,000 beginning January 1,2024 , the beginning of the lease, and on each December 31 thereafter through 2031. - The equlpment was acquired recently by Crescent at a cost of $162,000 (its fair value) and was expected to have a useful ife of 13 years with no salvage value at the end of its lffe. - Because the lease term is only 9 years, the asset does have an expected residual value at the end of the lease term of $52,070. - Crescent seeks a 12% return on its lease Investments. By this arrangement, the lease is deemed to be an operating lease. Note: Use tables, Excel, or a financlal calculator. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1) Required: 1. What will be the effect of the lease on Cafe Med's earnings for the first year (gnore taxes)? Note: Enter decreases with negative sign. 2. What will be the bolances in the balance sheet accounts related to the lease at the end of the first year for Cafe Med (ignore. taxes)? Note: For all requirements, round your intermediote calculations and final answers to the nearest whole dollars