You have the following lease schedule

Lease schedule

$8\%$ interest rate

Payment PV Factor PV

Year $1$: $ $27\mathrm{.}5710\mathrm{.}926$ $$25,529$

Year $2$: $ $29,0000\mathrm{.}857$ $$24\mathrm{.}863$

Year $3$: $ $31,0000\mathrm{.}794$ $$24\mathrm{.}608$

$ $87,571$ $ $75\mathrm{.}000$

$1.$ If this schedule represented a financial lease what would be the expenses recorded in Year $2?$

$2.$ If this schedule represented an operating lease what would be the expense recorded in year $3?$

$3.$ If this schedule represented an operating lease what would be the end of year one lease liability balance?