please really check your work i have submited it 3 times i need the red lines gone

6 years 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 October 1, 2020 Lease term Economic life of leased equipment 6 years Fair value of asset at October 1, 2020 $313,043 Book value of asset at October 1, 2020 $280,000 Residual value at end of lease term Lessor's implicit rate 8 % Lessee's incremental borrowing rate 8 % Annual lease payment due at the beginning of each year, beginning with October 1, 2020 $62,700 -0- 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 lessee 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 lessor. Lease Interest (8%) on Unpaid Reduction of Lease Balance of Lease Date Payment/Receipt Liability/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 4,644 58,056 -0- $376,200 $63,157 $313,043 (a) Your answer is partially correct. Assuming the lessee's accounting period ends on September 30. answer the following questions with respect to this lease apreement. Round answers to decimal naces. 507 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? $ 20027 Lease Revenue $ 52173.83 Depreciation 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: 312043 Lease Liability Long-term Liabilities: Lease Liability $ 280000 Non-current Assets: Lease Receivable $ 20027 (3) What items and amounts will appear on the lessee's income statement for the year ending September 30, 2022? $ 16614 Interest Expense 52173.83 Lease Revenue (4) What items and amounts will appear on the lessee's balance sheet at September 30, 2022? Balance Sheet (Partial) September 30, 2022 Current Liabilities: Lease Liability $ 62700 Long-term Liabilities: 161584 Lease Liability Non-current Assets: Lease Receivable VA 161584