Retu anuary 1, 2021, Caf Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. The lease -ement specifies annual payments of $26,000 beginning January 1, 2021, the beginning of the lease, and at each December 31 eafter through 2028. The equipment was acquired recently by Crescent at a cost of $180,000 (its fair value) and was expected to e a useful life of 13 years with no salvage value at the end of its life. Crescent records depreciation using the straight-line method. cent seeks a 9% return on its lease investments. By this arrangement, the lease is deemed to be an operating lease. (FV of $1, PV -, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) uired: hat will be the effects of the lease on Crescent's earnings for the first year (ignore taxes)? (Enter decreases with negative bers.) hat will be the balances in the balance sheet accounts related to the lease at the end of the first year for Crescent (ignore taxes)? all requirements, round your intermediate calculations to the nearest whole dollar amount.) X Answer is not complete. S Effect on earnings Equipment balance (net, end of year) Deferred lease revenue (26,000) 130,856 GA