The following are a series of unrelated situations. Answer the questions relating to each of the following independent situations as requested: 4) Botan Electric entered into a lease agreement to lease equipment from Chiko Equipment on January 1, 2022. The lease calls for annual lease payments of 3,000,000, beginning on January 1, for each of the 3 years of the lease. In addition, Chiko will pay Botan 600,000 as a cash incentive for entering the lease by January 1, 2022. In relation to the lease agreement, Botan incurred the following costs. a) Legal fees resulting from the execution of the lease b) Lease document preparation costs incurred after execution of the lease 300,000 60,000 Botan's incremental borrowing rate is 8%. Instructions If the value of the lease liability is 8,349,800, what amount will Botan record as the value of the right-of-use asset on January 1, 2022, at commencement of the lease? 5) On January 1, 2022, Haley Corporation sold a Machine (i.e. A machine which does not have a specialty nature) to Quick Finance for 140,000 and immediately leased it back. The machine was carried on Haley's books at 112,000. The term of the lease is 3 years, there is no bargain purchase option, and title does not transfer to Haley at lease-end. The lease requires three equal rental payments of 34,784 at the end of each year (first payment on January 1, 2023). The appropriate rate of interest is 6%, the machine has a useful life of 5 years, and the residual value at the end of the lease term is expected to be 56,000, none of which is guaranteed. Instructions Prepare Haley's 2022 journal entries