SHOW ALL WORK AND SHOW AN AMORTIZATION TABLE OR WILL THUMBS DOWN. On $1/1/22,$ Bronson Company leased machinery with a fair value of $$1,300,000$ from Tyr Corporation. The agreement is an $8-$year

noncancellable lease requiring annual payments of $$195,257$ beginning $1/1/22,$ with a guaranteed residual of $$23,500.$ Bronson expects

that the residual will be only $$20,000$ at the end of the lease. Bronson appropriately accounts for the lease as a financing lease, and is

aware that the implicit rate in the lease is $6\%.$

Prepare the amortization table and the journal entries Bronson will make in $2022.$

What will Bronson report as its lease liability at $12/31/24?$