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Problem III. FINANCE LEASE ANALYSIS (20 points) On January 1, 2013, Rovetti Company leased equipment to use in its manufacturing process. The lease contract calls for a down payment of $40,000 on January 1, 2013 and eight equal payments on December 31 each year through 2020. The equipment is leased for nine years and Rovetti determines that this lease should be accounted for as a finance lease. The equipment has a manufacturer's list price on the lease inception date of $300,000. The lease agreement includes an implicit interest rate of 5%. Required: Determine the following items (round all calculations to the nearest dollar, if necessary). You must show and label your work including all calculations to receive FULL credit. a. What is the dollar amount of each annual payment? $ (10 points) Calculation: b. Prepare the journal entry Rovetti makes to record the lease payment on December 31, 2015. (10 poil Journal entry: Calculations