Timmer Company signs a lease agreement dated January $1,2019,$ that provides for it to lease equipment from Landau Company beginning January $1,2019.$ The lease terms, provisions, and related events are as follows:

$$ The lease is noncancelable and has a term of $5$ years.

$$ The annual rentals are $$83,222\mathrm{.}92,$ payable at the end of each year, and provide Landau with a $12\%$ annual rate of return on its net investment.

$$ Timmer agrees to pay all executory costs directly to a third party on December $1$ of each year. In $2019,$ these were insurance, $$3,760$; property taxes, $$5,440.$ In $2020$: insurance, $$3,100$; property taxes, $$5,330.$

$$ There is no renewal or bargain purchase option.

Timmer estimates that the equipment has a fair value of $$300,000,$ an economic life of $5$ years, and a zero residual value. Timmer$$s incremental borrowing rate is $16\%,$ it knows the rate implicit in the lease, and it uses the straightline method to record depreciation on similar equipment.

Required:

$1.$ Calculate the amount of the asset and liability of Timmer at the inception of the lease.

$2.$ Prepare a table summarizing the lease payments and interest expense.

$3.$ Prepare journal entries on the books of Timmer for $2019$ and $2020.$

$4.$ Next Level Prepare a partial balance sheet in regard to the lease for Timmer for December $31,2019.$ Use the present value of next year$$s payment approach to classify the finance lease liability between current and noncurrent.

$5.$ Next Level Prepare a partial balance sheet in regard to the lease for Timmer for December $31,2019.$ Use the change in present value approach to classify the finance lease liability between current and noncurrent.

I need help with number $3,4$ and $5$