Q-19 Leases Lessor Corporation leases equipment to Lessee Corporation for three years on January 1, 2019, when the equipment's fair market value (and lessor's cost) is $150,000. Three lease payments of $52,044 are to be made at the end of each year, starting on December 31, 2019. Lessee Corporation has an option to purchase the asset at the end of the lease term for $20,000. It is very likely to exercise the purchase option. The implicit rate in the lease (known to Lessee) is 8%, the estimated economic life of the equipment is 5 years, at the end of which the salvage value expected is $35,000. Use straight-line depreciation. Required: 1. Compute the present value of lease payments for Lessee Corporation on January 1, 2019. (3 Points) 2. Present journal entry in Lessee's books at lease inception (January 1, 2019) (2 Points) 3. 3 Present journal entries in the books of Lessee Corporation at the end of 2019. (4 Points) 4. Present journal entry/entries in the books of Lessor Corporation at lease inception. (2 points) 5. Present journal entry/entries in the books of Lessor Corporation at the end of 2019 (3 Points)