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$3$ At January $1,2024,$ Widget World Corporation leased manufacturing equipment from Clinton Corporation under a

$46-$year lease agreement. The lease agreement specifies annual payments of $$25,000$ beginning January $1,2024,$ the

$5$ beginning of the lease, and on each December $31$ thereafter through $2031.$ The equipment was acquired recently by $6$ Clinton at a cost of $$146,163($its fair value$)$ and was expected to have a useful life of $8$ years with no salvage value at $7$ the end of its life. Because the lease term is only $6$ years, the asset does have an expected residual value at the end of $8$ the lease term of $$28,000.$ Clinton seeks a $7\%$ return on its lease investments. By this arrangement, the lease is $9$ deemed to be a finance lease.

$\backslash$table$[[10,,,],[11,$Lease date,January $1,2024,],[12,$Annual lease payments,$$25,000,],[13,$Lease term,$6,$years$],[14,$Useful life of equipment,$8,$years$],[15,$Residual value at end of lease term,$$28,000,],[16,$Clinton's implicit interest rate,$7\%,]]$

$181.$ Determine the present value of the lease using Excel's PV function.

$202.$ Prepare the journal entry for Widget World Corporation at the beginning of the lease on January $1,2024.$

$\backslash$table$[[21,$Date,General Journal,Debit,Credit$],[22,$January $1,2024,,,],[23,,,,,,],[24,,,,,,],[25,3.$ Prepare a partial amortization schedule for the first year of the lease.,,$],[26,,,,,,],[27,,$Date,Lease Payments,Effective Interest,$\backslash$table$[[$Decrease in$],[$Balance$]],\backslash$table$[[$Outstanding$],[$Balance$]]],[28,,,,,,],[29,,$January $1,2024,,,,],[30,,$December $31,2024,0,,,]]$

Record the first lease payment on January $1,2024.$

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $1,2024,,,0]]$

Record the amortization of the right$-$of$-$use asset on December $31,2024.$

$\backslash$table$[[$December $31,2024,$General Journal,Debit,Credit$],[,,,0]]$

Indicate the amounts related to the lease reported on the year$-$end balance sheets and income statements.

$\backslash$table$[[,$Balance Sheet Amounts,Income Statement Amounts$],[$Date$,\backslash$table$[[$Right$-$of$-$Use$],[$Asset$]],$Lease Liability,Interest Expense,Amortization$],[$Expense$,,,,]]$ Please answer the questions with excel formulas and not just inputting numbers.