Please solve

lem 1 2024. On January 1, 2024, Harry (the Lessee) Company leased equipment from Porter Company. The lease had a non-cancelable four-year term and required annual lease payments of $72,090 on January 1 of each year, with the first payment the on January it year. In addition, Harry also needs to make an annual payment of $2,400 (fixed) to the lessor for executory costs (property insurance and property tax )in hanvary ) of each Harry guarantees a $45,000 residual value and estimates an expected residual value of $37,800 at the end of the lease term. Harry incurred $4,800 in legal fees from the execution of the lease. The estimated economic life of the equipment is 5 years. Harry appropriately classifies the lease as a finance lease. Harry's incremental borrowing rate is 6%, and the lessor's implicit interest rate is 5%, which is known by Harry. Harry uses straight the deprivingtho for it go y ascend Present value of 1 for 4 periods at 5% ..... 453.au..... 0.82270 Present value of 1 for 4 periods at 6% ....... courseseven: 0.79209 Present value of an Ordinary Annuity of 1 for 4 periods at 5% ..... 3.54595 Present value of an Ordinary Annuity of 1 for 4 periods at 6% .. 3.46511 Present value of an Annuity Due of 1 for 4 periods at 5% ...... 3.72325 resent value of an Annuity Due of 1 for 4 periods at 6% ..... 3.67301 lick to open: + Calculate the amount of Lease Liability and prepare a lease amortization schedule over the first 2 years of the lease tern for the Igate quired : to report the related assets and/ or liabilities on the Lessee's Balance Sheet as of December 31 2025. repare journal entries for the lessee for 2024 and 2025. B