This question is most difficult for me, i need a step by step guidance please!

On January I, 2024. Majestic Mantles leased a lathe from Equipment Leasing under a finance lease. Lease payments are made annually Title does not transfer to the lessee and there is no purghase option or guarantee of a residual value by Majestic. Portions of the Equipment Leasing's lease amortization schedule appear below: nury s 23, s 23,see s 4,51 s 23.soe s 4,982 s 18,e. S 23 S 5,919 S 23, SN $ 7,e32 $ 5,354 s 23, see $ 3,722 s 23,see s 1 sae 2P2s 2026 2027 202B 7e29 2eae 2e41 2ea2 2e43 $ 23,see , See $ 23,see s 23,5ee s 17 , 93B , 468 S 18,146 $ 19,779 S 21,SEe S 233,828 S 210,328 S 20S, 75B 2M, 776 $ 195,346 10,421 5 182.975 s 175,943 $ "i, 34. s 21.561 I. What iS Majestic's lease liability at the beginning the (after the first payment)? 2. What amount would Majestic record as a 3. What is the lease term in years? 4. What is the effective interest rate? Note: Round your percentage answer to decimal place. S. What the total amount lease payments? 6. What is the total effective interest expense recorded overthe term the lease? Total Prev Next