X 2020. As per un agreemen, mit light of OwnCisip Win De transferred to the lessee at the end of the contract. CIA Inc manufactured the equipment at the cost of $600,000. The selling price of the equipment is $900,000. Other Information available regarding the contract are given below Lease Term Useful life of the Asset Annual payment 5 Years 6 Years Starting from January 1, 8% 2020, at the beginning of every year Rate the lessor charges You are required to 1. Calculate the minimum lease payment (Round to nearest dollar) 2. Prepare the amortization schedule (Round to nearest dollar) 3. Write journal entries in the books for both lessor and lessee for January 1 2020, and December 31, 2020