Stillwater Sports Stillwater Sports Company leased manufacturing equipment from Premier Leasing on January 1 of the current year. Premier purchased the equipment for $326,189. Other information: Lease term 4 years Annual Payments $90,000 on January 1 beginning with the current year. Life of Asset 4 years Fair value of Asset $326,189 Implicit interest rate 7% Incremental rate 17% There is no expected residual value or bargain purchase option. Assume that depreciation expense is computed at December 31 of each year. 1) Refer to Stillwater Sports: . Required: 1. Prepare appropriate journal entries for Stillwater Sports for the first year. 2. Show how the lease-related information will be presented on Stillwater's balance sheet for the first year. 2) Pension data for John Ferguson Company include the following for the current calendar year: Discount rate: 7% Expected return on plan assets: 11% Actual return on plan assets: 10% Service cost: $250,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain $1,500,000 1,200,000 1,700,000 25,000 2,000 December 31: Cash contributions to pension fund: Benefit payments to retirees $240,000 260,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding and distributions to employees for the year- 3) Volutia Corporation's comparative financial statements included the following amounts for the current year: Depreciation expense $102,000 Loss on sale of fixed assets 38,000 Decrease in fixed assets 155,000 Increase in accounts receivable 37,000 Decrease in accounts payable 42,000 Decrease in inventory 65,000 Increase in taxes payable 19,000 Net income 720,000 Prepare the operating activities section of the statement of cash flows using the indirect