please show work and explanation

Assume that on December 31, 2024, Crane Aerospace signs a 8-year, non-cancelable lease agreement to lease a hanger from Aero Field Management Company. The following information pertains to this lease agreement: 1. The agreement requires equal rental payments of $165,316 beginning on December 31,2024. 2. The fair value of the building on December 31,2024 is $1,118,916. 3. The building has an estimated economic life of 10 years, a guaranteed residual value of $49,000, and an expected residual value of $34,100. Crane depreciates similar buildings on the straight-line method. 4. The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor. 5. Crane's incremental borrowing rate is 6% per year. The lessor's implicit rate is not known by Crane. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) Correct Answer (Used) Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2024, 2025, and 2026. Crane's fiscal year-end is December 31 . (List all debit entries expenses related to this lease for the years 2024 . Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2024, 2025, and 2026. Crane's fiscal year-end is December 31 . (List all debit entries before credit entries, Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places es. 5.275.) Interest Expense 9919 (To record second lease payment) \begin{tabular}{|l|} \hline 12/31/26v \\ Amortization Expense \\ Right-of-Use Asset \\ \hline \end{tabular} (To record amortization of the right-of-use asset) Interest Expense Cash (To record third lease payment) Suppose the same facts as above, except that Crane incurred legal fees resulting from the execution of the lease of $12,200, and received a lease incentive from Acro Field to enter the lease of $16.000. At the initial measurement of the lease liability, what would be the amount of lease liability and right-of-use asset? Right-of-use asset \$ eTextbook and Media Solution List of Accounts Attempts: 2 of 2 usded Using multiple attempts has impacted your score. 20% score reduction after attempt 1 (c) Suppose that in addition to the $165,316 annual rental payments. Crane is also required to pay $12.200 for insurance costs each year on the building directly to the lessor. Aero Field. What would be the amount of the initial measurement of the lease liability and right-of-use asset as a result of this executory cost? (Round onswer to 0 decimal places, es 5,275)