please help

"I don't see that in my intermediate accounting text I saved from college." you grumble to a colleague in the accounting division of Dowell Chemical Corporation. "This will take some research. Your comments pertain to the approptiate accounting treatment of a proposed sublease of warehouses Dowell has used for product storage Dowell leased the warehouses one year ago on December 31, 2024. The five.year lease agreement called for Dowell to make quarteily lease payments of \$2,398,303, payable eoch December 31. March 31, June 30, and September 30, with the first payment at the lease's beginning. As a finance lease, Dowell had recorded the right-of-use asset and lability at $40 million, the present value of the lease payments at 8%. Dowell iecords amortization on a straight-line basis at the end of each fiscal yeat. Todiry, Doweli's controller, explained a proposal to sublease the underused warehouses to American Tankers, Incorporated, for the remaling four years of the lease term. American Tankers would be substituted as lessee under the original lease agreement. As the new lessee, it would become the primary obligor under the agreement, and Dowell would not be secondarily liable for fulfiling the obligations under the lease agreenrent. "Check on how we would need to account for this and get back to me," the controller had said. Required: 1. On December 31, 2025, what is the balance in Doweirs lease liabality? 2. On December 31. 2025, what is the carrying amount (after accumulated amortization) of Dowell's leased warehouses? 3. Obtain the relevant authoriative literature on accounting for derecognition of finance leases by lessees using the FASB's. Codification Research System. You might gain access from the FASB website (wowowhasbaro). from your school library, or some other source. To determine the appropriate occounting treatment for the proposed sublease. what is the specific seven-digit Codification citation (x) that Dowell would rely on to detemmine: a. If the proposal will qualify as a termination of a finance lease? b. The oppropitate accounting treotment for the sublease? 4. What if any, Joumal entry would Dowell iecord in connection with the sublease? Complete this question by entering your answers in the tabs below. 1. On December 31, 2025, what is the balance in Dowell's lease llability? Noto: Round your answer to the nearest whole dollar amount 2. On December 31, 2025, what is the carrying amount (after accumulated amortization) of Dowell's leased warehouses? Note: Round your answer to the nearest whole dollar amount. 3. Obtain the relevant authoritative literature on accounting for derecognition of finance leases by lessees using the FASBS5 Codification Research System. You might gain access from the FASB website (www.fasb.org), from your school library, or some other source. To determine the appropriate accounting treatment for the proposed sublease, what is the specific sevendigit Codification citation (XXXXXXX) that Dowelf would rely on to determine: a. If the proposal will qualify as a termination of a finance lease? b. The approprlate accounting treatment for the sublease? What, If any, journal entry would Dowell record in connection with the sublease? Note: If no entry is required for a transactionvevent, select "No fourmal entry required" in the first account field. Enter your answers in whole dollars Journal entry worksheet Record the sublease of warchouses for the remaining four years of lease term. Powe', Friter dehits tefore aredits. "I don't see that in my intermediate accounting text I saved from college." you grumble to a colleague in the accounting division of Dowell Chemical Corporation. "This will take some research. Your comments pertain to the approptiate accounting treatment of a proposed sublease of warehouses Dowell has used for product storage Dowell leased the warehouses one year ago on December 31, 2024. The five.year lease agreement called for Dowell to make quarteily lease payments of \$2,398,303, payable eoch December 31. March 31, June 30, and September 30, with the first payment at the lease's beginning. As a finance lease, Dowell had recorded the right-of-use asset and lability at $40 million, the present value of the lease payments at 8%. Dowell iecords amortization on a straight-line basis at the end of each fiscal yeat. Todiry, Doweli's controller, explained a proposal to sublease the underused warehouses to American Tankers, Incorporated, for the remaling four years of the lease term. American Tankers would be substituted as lessee under the original lease agreement. As the new lessee, it would become the primary obligor under the agreement, and Dowell would not be secondarily liable for fulfiling the obligations under the lease agreenrent. "Check on how we would need to account for this and get back to me," the controller had said. Required: 1. On December 31, 2025, what is the balance in Doweirs lease liabality? 2. On December 31. 2025, what is the carrying amount (after accumulated amortization) of Dowell's leased warehouses? 3. Obtain the relevant authoriative literature on accounting for derecognition of finance leases by lessees using the FASB's. Codification Research System. You might gain access from the FASB website (wowowhasbaro). from your school library, or some other source. To determine the appropriate occounting treatment for the proposed sublease. what is the specific seven-digit Codification citation (x) that Dowell would rely on to detemmine: a. If the proposal will qualify as a termination of a finance lease? b. The oppropitate accounting treotment for the sublease? 4. What if any, Joumal entry would Dowell iecord in connection with the sublease? Complete this question by entering your answers in the tabs below. 1. On December 31, 2025, what is the balance in Dowell's lease llability? Noto: Round your answer to the nearest whole dollar amount 2. On December 31, 2025, what is the carrying amount (after accumulated amortization) of Dowell's leased warehouses? Note: Round your answer to the nearest whole dollar amount. 3. Obtain the relevant authoritative literature on accounting for derecognition of finance leases by lessees using the FASBS5 Codification Research System. You might gain access from the FASB website (www.fasb.org), from your school library, or some other source. To determine the appropriate accounting treatment for the proposed sublease, what is the specific sevendigit Codification citation (XXXXXXX) that Dowelf would rely on to determine: a. If the proposal will qualify as a termination of a finance lease? b. The approprlate accounting treatment for the sublease? What, If any, journal entry would Dowell record in connection with the sublease? Note: If no entry is required for a transactionvevent, select "No fourmal entry required" in the first account field. Enter your answers in whole dollars Journal entry worksheet Record the sublease of warchouses for the remaining four years of lease term. Powe', Friter dehits tefore aredits