The following information polies to the next questions On January 1, 2022.XYZ Les feased out from Stine Lening Operating Lease with the worms Both the cost and the fair value of the set for Stanleyinc Lessoris 1.350.000 Lease species 4 annust payments of $60,273 beginning ay 1, 207, and on each way thereafter through 2023 The two tormends on December 31, 2025 The assets expected residual value at the end of the lease for years) $175,000 unguaranteed to the lesse The expected useful life of the equipment years, and there no expected residual Valve end of its useful life . There is no purchase option, and the equipment revers back to the lessor at the end of the year period . The implorate on the basis 6% and XYZ Lesses aware of that Assume Strught Line Depreciations used on the Right of Use Asset Present Value factors are the flowing PV of 51 PV of Annuity Due 79200 367301 ne 60508 591732 M1 December 31, 2022 end of the first year XYZ.Lessee's journal entry would include O a Debit to interest Expense for $9.667 Ob Debia to tease Libility for $9.067 Oc Credit to Right Of Use Asset for $50,000 Od Credit to Louse Liity for $13283 O Credit to Right Of Use Asset for 60 273 Information Continued from Previous Question: on Janasy 1.2022 XYZ.Lessoased equement from Stanley Inc Lesso song Operating Late with the following Both the cost and the fair value of the asset for Stanley Inc Lessor is $360,000 Lease specified annual payments of $60 273 beginning Sanuary 1, 2002, and on each January thereafter through 2005. The 4 year term ends on December 31, 2015 The assets expected residual value the and of the lease m (4 years) $175.000 unguaranteed by the Lesso The expected useful life of the equipments 7 years and there is no expected residual value at the end of its useful life There is no purchase option, and the mentreverts back to the lessor at the end of the 4 your period The implicit rate on the lease 6% and XYZ Lesso i ware of that rate - Assume Straight Line Depreciation is used on the Right of Use Asset Present Value factors are the following PV of 1 py of Annuity. De 79000 367301 70 isod 501732 M December 31, 2022 end of the first year Stanley Inc Lessor's journal entry would include O a Debit to Lonse Receivable for 59,057 OD Credit to interest Revenue $17.94 Oc Credit to Lease Revenue for $60.273 Od Credit to Uneamed Revenue for $60 273 O e Debit to Lease Receivable for 00273