The following facts pertain to a noncancelable lease agreement between Riverbed Leasing Company and McKee Electronics, a lessee, for a computer system. Commencement date Lease term Economic life of leased equipment Fair value of asset at October 1, 2020 Book value of asset at October 1, 2020 Residual value at end of lease term Lessor's implicit rate October 1, 2020 6 years 6 years $345,149 $280,000 -0- 11 % Lessee's incremental borrowing rate 11 % Annual lease payment due at the beginning of each year, beginning with October 1, 2020 $73,500 The collectibility of the lease payments is probable by the lessor. The asset will revert to the lessor at the end of the lease term. The straight-line depreciation method is used for all equipment. The following amortization schedule has been prepared correctly for use by both the lessor and the lessee in accounting for this lease. The lease is to be accounted for properly as a finance lease by the lessee and as a sales-type lease by the lessor. Balance of Lease Liability/Receivable Date Annual Lease Payment/Receipt Interest (11%) on Unpaid Liability/Receivable Reduction of Lease Liability/Receivable 10/01/20 $345,149 10/01/20 $73,500 $73,500 271,649 10/01/21 73,500 $29,881 43,619 228,030 10/01/22 73,500 25,083 48,417 179,613 10/01/23 73,500 19,757 53,743 125,870 10/01/24 73,500 13,846 59,654 66,216 10/01/25 73,500 7,284 66,216 -0- $441,000 $95,851 $345,149 (a) Assuming the lessor's accounting period ends on September 30, answer the following questions with respect to this lease agreement. (Round answers to O decimal places e.g. 58,971.) (1) What items and amounts will appear on the lessor's income statement for the year ending September 30, 2021? $ $ $ (2) What items and amounts will appear on the lessor's balance sheet at September 30, 2021? Current Assets: Balance Sheet (Partial) September 30, 2021 Noncurrent Assets: $ $ (3) What items and amounts will appear on the lessor's income statement for the year ending September 30, 2022? $ (4) What items and amounts will appear on the lessor's balance sheet at September 30, 2022? Current Assets: Noncurrent Assets: Balance Sheet (Partial) $ $