QUESTION TWO 8 MARKS Season Corp. leased machinery from Things Ltd. on January 1, 2022. The lease term was for 8 lease provides an option to purchase the machinery at the end of the lease term for $4,000, which years, with equal annual rental payments of $21,200 at the beginning of each year. In addition, the Season is reasonably certain it will exercise, as it believes the fair value of the machinery will be at least $8,000. The machinery has a useful life of 10 years and a fair value of $72,000. The implicit rate Factors are as follows: 89 Present Value of St 0.54027 Present Fabee of an Annuity 6.20637 Required: 1. Calculate the present value of the lease.Mark 2. Prepare Season's Lease amortization schedule up to 1-1-2026 only. (2 Mark 3. Prepare Season's 2022 journal entries. Mark Date Account Dr