Short Problem. Hughey Co as lessee records five year lease of machinery with garanteed residual value ontinuary 1, 2011. The lase payment of $400.000 are made at the end of each year. The present value factor for an ordirury annoity at 10% and 5 years is 3.79079. The uaranteed residual value at the end of the lease term is $120,000 and Hughey coxpect the base machinery to have an actual residual value of 100.000. The present value factor for a single suma 2016 and 5 years is 062092. The machine revers to the fessor at the end of the lease term. Hughey uses the effective interest method and straightne amortion Hughey classifies the leasince lase: Pose round your calculation to the rest dollar Prepare a fenetization schedule Prepare all of the lessee's journal entries for 2011 IdPress of the lessee's journal entries for 2015 assuming that the machine worth $60.000 at the end of them weitered to the Please swer the above questions in the the attached spread heet Set Upload the completed Excel file on this page where you finish the oblem Reduction in Liability 5 Lease Liability 3. (a) Prepare a lease amortization schedule for the lessee 4 Date Lease Payment Interest Expense (10%) 1/1/2011 6 12/31/2011 12/31/2012 12/31/2013 9 12/31/2014 10 12/31/2015 8 11 12 (b) Prepare all of the lessee's journal entries for 2011. 13 1/1/2011 14 15 16 12/31/2011 17 18 19 20 21 22 23 24 25 (6) Prepare all of the lessee's journal entries for 2015. 26 12/31/2015 27 28 29 30 30 14 15