The following facts pertain to a noncancelable lease agreement between Ivanhoe Leasing Company and McKee Electronics, a lessee, for a computer system.

Commencement date		October 1, 2020
Lease term		6	years
Economic life of leased equipment		6	years
Fair value of asset at October 1, 2020		$262,056
Book value of asset at October 1, 2020		$280,000
Residual value at end of lease term		0
Lessors implicit rate		10	%
Lessees incremental borrowing rate		10	%
Annual lease payment due at the beginning of
each year, beginning with October 1, 2020		$54,700

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.

Date		Annual Lease Payment/Receipt		Interest (10%) on Unpaid Liability/Receivable		Reduction of Lease Liability/Receivable		Balance of Lease Liability/Receivable
10/01/20								$262,056
10/01/20		$54,700				$54,700		207,356
10/01/21		54,700		$20,736		33,964		173,392
10/01/22		54,700		17,339		37,361		136,031
10/01/23		54,700		13,603		41,097		94,934
10/01/24		54,700		9,493		45,207		49,727
10/01/25		54,700		4,973		49,727		0
		$328,200		$66,144		$262,056

Assuming the lessors accounting period ends on September 30, answer the following questions with respect to this lease agreement. (Round answers to 0 decimal places e.g. 58,971.) (1) What items and amounts will appear on the lessors income statement for the year ending September 30, 2021?

$
$
$

(2) What items and amounts will appear on the lessors balance sheet at September 30, 2021?

Balance Sheet (Partial) September 30, 2021For the Year Ended September 30, 2021For the Quarter Ended September 30, 2021
Current Assets:
			$
Noncurrent Assets:
			$

(3) What items and amounts will appear on the lessors income statement for the year ending September 30, 2022?

$

(4) What items and amounts will appear on the lessors balance sheet at September 30, 2022?

Balance Sheet (Partial) September 30, 2022For the Year Ended September 30, 2022For the Quarter Ended September 30, 2022
Current Assets:
			$
Noncurrent Assets:
			$

Assuming the lessors accounting period ends on December 31, answer the following questions with respect to this lease agreement. (Round answers to 0 decimal places e.g. 58,971.) (1) What items and amounts will appear on the lessors income statement for the year ending December 31, 2020?

$
$
$

(2) What items and amounts will appear on the lessors balance sheet at December 31, 2020?

Balance Sheet (Partial) December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
Current Assets:
			$
Noncurrent Assets:
			$

(3) What items and amounts will appear on the lessors income statement for the year ending December 31, 2021?

$

(4) What items and amounts will appear on the lessors balance sheet at December 31, 2021?

Balance Sheet (Partial) December 31, 2021For the Year Ended December 31, 2021For the Quarter Ended December 31, 2021
Current Assets:
			$
Noncurrent Assets:
			$