Please include working notes, thank you!!

Sunland Leasing Company leases a new machine to Gibson Corporation. The machine has a cost (to Sunland) of $120,000 and fair value of $154,000. Under the 4- year, noncancelable contract, Gibson will receive title to the machine at the end of the lease. The machine has a 4-year useful life and no residual value. The lease was signed on January 1, 2017. Sunland expects to earn an 9% return on its investment, and this implicit rate is known by Gibson. The annual rentals are payable on each December 31. Click here to view the factor table. Compute the annual lease payments under the agreement. Annual lease payments Prepare an amortization schedule that would be suitable for both the lessor and the lessee and that covers all the years involved. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places e.g. 5,275.) Date Rent Receipt/ Payment Interest Revenue / Expense Reduction of Principal Receivable/ Liability 1/1/17 12/31/17 12/31/18 12/31/19 12/31/20 Prepare the journal entry at commencement of the lease for Sunland. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 1/1/17 Prepare the journal entry at commencement of the lease for Gibson. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 1/1/17