Question 1 36 pts The Coventry Company leased equipment from North Leasing on January 1, 2021. The first lease payment is due January 1, 2021. Assume straight-line amortization Other information: Lease term 5 years Annual payments $30,000 on January 1 each year Life of asset 6 years Implicit interest rate 9% Fair Value of asset $135,000 There is no expected residual Value 1. What is the value of the lease? 2. What is the type of lease? How do you know? 3. Prepare the journal entry to record the lease Fair Value of asset $135,000 There is no expected residual Value 1. What is the value of the lease? 2. What is the type of lease? How do you know? 3. Prepare the journal entry to record the lease 14. Prepare the journal entry for the first lease payment S Prepare the necessary journal entries at December 31, 2021 16. Prepare the journal entry for the second lease payment 17. Prepare a full amortization table for the 5 year lease