please solve and answer all questions. show all work.

On January 1, 2024, Winn Heat Transfer leased office space under a three-year operating lease agreement. The arrangement specified three annual lease payments of $60,000 each, beginning December 31,2024 , and on each December 31 through 2026 . The lessor, HVAC Leasing, calculates lease payments based on an annual interest rate of 5%. Winn also paid a $180,000 advance payment at the beginning of the lease. With permissiort of the owner. Winn made structural modifications to the building before occupying the space at a cost of $240,000. The useful life of the building and the structural modifications were estimated to be 30 years with no residual value. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1) Required: Prepare the appropriate entries for Winn Heat Transfer from the beginning of the lease through the end of 2026. Winn's fiscal year is the calendar year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar. On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. - Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $26,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. - The expected useful life of the asset is nine years, and its fair value is $195,000. - Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." - The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1. EVA of S1, PVA of S1. FVAD of \$1 and PVAD of \$1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of the third year, 2026 for the lessee to account for the reassessment 2. Prepare the journal entry, if any, on January 1 and on December 31 of the third year, 2026 for the lessor to account for the reassessment. Each of the four independent situations below describes a sales-type lease in which annual lease payments of $20,000 are payable at the beginning of each year. Each is a finance lease for the lessee. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1, EVA of \$1, PVA of \$1, EVAD of \$1 and PVAD of \$1) Determine the following amounts at the beginning of the lease: Note: Round your final answers to nearest whole dollar. On January 1, 2024, Ghosh Industries leased a high-performance conveyer to Karrier Company for a four-year period ending December 31,2027, at which time possession of the leased asset will revert back to Ghosh. - The equipment cost Ghosh $958,200 and has an expected useful life of five years. - Ghosh expects the residual value at December 31,2027 , will be $302,200. - Negotiations led to the lessee guaranteeing a $342,200 residual value. - Equal payments under the finance/sales-type lease are $202,200 and are due on December 31 of each year with the first payment being made on December 31, 2024. - Karrier is aware that Ghosh used a 4% interest rate when calculating lease payments. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1. FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1) Required: 1. Prepare the appropriate entries for both Karrier and Ghosh on January 1, 2024, to record the lease. 2. Prepare all appropriate entries for both Karrier and Ghosh on December 31,2024 , related to the lease. Complete this question by entering your answers in the tabs below. Prepare the appropriate entries for both Karrier and Ghosh on January 1, 2024, to record the lease. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar