Refer to Problem $2.$ Lagatha's earnings rate is $5\%.$ This lease is considered a sale of goods costing $$75,000.$

Given that the residual value is guaranteed, determine the price from the sale.

Record the sale and the first payment on January $1,2023.$

Prepare an amortization table for the lease below using the tables from Chapter $5$ or $6$ in an earlier edition.

Assuming the estimate of the expected payment at the end of the lease is correct, record the entry to settle the lease on December $31,2026.$