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Brief Exercise 15-5 (Algo) Finance lease lessee income statement effects [LO15-2] A lease agreement that qualifies as a finance lease calls for annual lease payments of $50,000 over a four-year lease term (also the asset's useful life), with the first payment at January 1, 2021, the beginning of the lease. The interest rate is 8%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: a. Determine the present value of the lease upon the lease's inception. b. Create a partial amortization table through the second payment on January 1, 2022. c. If the lessee's fiscal year is the calendar year, what would be the pretax amounts related to the lease that the lessee would report in its income statement for the year ended December 31, 2021 (ignore taxes)? Complete this question by entering your answers in the tabs below. Required A Required B Required Determine the present value of the lease upon the lease's inception. (Round your answers to nearest whole number and round percentage answer to 1 decimal place.) PV factors based on Table or Calculator function: Lease Payment n = PV of Lease A lease agreement that qualifies as a finance lease calls for annual lease payments of $50,000 over a four-year lease term (also the asset's useful life), with the first payment at January 1, 2021, the beginning of the lease. The interest rate is 8%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: a. Determine the present value of the lease upon the lease's inception. b. Create a partial amortization table through the second payment on January 1, 2022. c. If the lessee's fiscal year is the calendar year, what would be the pretax amounts related to the lease that the lessee would report in its income statement for the year ended December 31, 2021 (ignore taxes)? Complete this question by entering your answers in the tabs below. Required A Required B Required C Create a partial amortization table through the second payment on January 1, 2022. (Enter all amounts as positive values. Round your answers to nearest whole number.) Date Lease Payment Effective Interest Decrease in balance Outstanding balance 01/01/2021 01/01/2021 01/01/2022 A lease agreement that qualifies as a finance lease calls for annual lease payments of $50,000 over a four-year lease term (also the asset's useful life), with the first payment at January 1, 2021, the beginning of the lease. The interest rate is 8%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: a. Determine the present value of the lease upon the lease's inception. b. Create a partial amortization table through the second payment on January 1, 2022. c. If the lessee's fiscal year is the calendar year, what would be the pretax amounts related to the lease that the lessee would report in its income statement for the year ended December 31, 2021 (ignore taxes)? Complete this question by entering your answers in the tabs below. Required A Required B Required C If the lessee's fiscal year is the calendar year, what would be the pretax amounts related to the lease that the lessee would report in its income statement for the year ended December 31, 2021? (Round your answers to nearest whole number. Enter all amounts as positive values.) Impact on pretax income related to the lease: Total expenses