The following additional information is available: (1) (2) (3) (2) (3) Henning signed a lease agreement on January 1, 2022. It requires $5,000 payments at the end of each of the next 10 years (starting on December 31, 2022). The lease is a finance lease with a 6% interest rate. There is no guaranteed residual value associated with the lease. Required: (1) (4) The bond payable is a 6.5% 10-year bond that was issued on January 1, 2020 with an effective interest rate (market rate) of 8%. Henning purchased a new machine for $22,000 in cash in 2022. The firm sold an old machine in 2022 which had an original cost of $12,000 and accumulated depreciation of $8,000 for a gain of $1,100. The firm did not repurchase any shares of common stock in 2022. The only items affecting retained earnings in 2022 were net income for the year and dividends declared (all of which were paid in cash in 2022). Show the computations in 2022 for (i) cash proceeds from the sale of the machine, (ii) the ending balance in the lease liability