Zhang City has a December 31 year end. Its general fund enters into a noncancellable lease on January 1, 2020 with a term of five years with annual payments of $10,000 each. Using a 4% interest rate, the present value is $46,299 based on an annuity due factor.

Required :

1. Record the lease in the general fund on January 1, 2020.

2. Record the first $10,000 payment on the lease on January 1, 2020.

3. Record the second $10,000 payment on the lease on January 1, 2021.

4. Show the amortization schedule for the five-year lease.

5. Show the journal entries for the payments on January 1, 2022, January 1, 2023, January 1, 2024, and January 1, 2025.