Required information ABC Corp. manufactured equipment and then leased the equipment to XYZ Corp. on January 1, 2021 Additional details Annual payments Lease term Useful life of asset Implicit interest rate Present value of lease payments Lease classification $40.000 6 years 8 years 80% $199,708 Finance lease The first payment occurs on January 1, 2021, and at each December 31 thereafter the lease does not transfer ownership at lease-end, and there is no bargain purchase option (Round final answers to the nearest whole dollar) Use the information above to answer the questions below The journal entry recorded by XYZ Corpat inception of the lease includes a Click to select) ko credit to Lease Payable for $199 708 credit to Leane Payable for $40.000 debit to Lease Receivable for $199,708 debit to Receivable for $40,000 Required information ABC Corp. manufactured equipment and then leased the equipment to XYZ Corp. on January 1, 2021 Additional details Annual payments $40,000 Lease term 6 years Useful life of asset 8 years Implicit interest rate 8093 Present value of lease payments $1997/08 Lease classification Finance lease The first payment occurs on January 1, 2021, and at each December 31 thereafter. The lease does not transfer ownership at lease-end, and there is no bargain purchase option (Round inal answers to the nearest whole dollar) Use the information above to answer the questions below What is the balance of the lease after the first lease payment Balance of seafter first payment Saved Required information ABC Corp. manufactured equipment and then leased the equipment to XYZ Corp. on January 1, 2021 Additional details: Annual payments $40.000 Lease term 6 years Useful life of asset 8 years Implicit interest rate 80% Present value of lease payments $199,708 Lease classification Finance lease The first payment occurs on January 1, 2021, and at each December 31 thereafter the lease does not transfer ownership at lease end, and there is no bargain purchase option (Round final answers to the nearest whole dollar) Use the information above to answer the questions below 28 The journal entry recorded by the lesson for the second payment (on December 31 2021) will includes Click to select (Cicho credit to interest Revenue for $12.777 debit to Amortization Exponse for 512,777 credit to interest Revenge for $15,977 debit to Amortization Expense for $15.977