A Lessee insists on structuring a lease that will have the easier accounting result of an operating lease that is, equal annual lease payments expensed as equal annual expenses The equipment leased is an old Boeing 747. The Lessee is a Private Air Cargo company operating exclussively in the US. The Annual Lease Experte will be The lease must be made at the beginning of each year. The lease term is four years Therefore this lease contract represents a four year Annuity Due. The lessor's implied rate is not known. As a result the lessee substitutes its "incremental borrowing rate for similar collateralized borrowings 12% The lessee's incremental borrowing rate is estimated to be At the end of the lease the asset is returned to the Lessor. The asset remains a generic Boeing 747-it is not customized. Because it is an "old" airframe, it has no residual value. There are four question parts below [1] [2] Estimate the Present Value of the Lease payments Put your answer in the box provided but show your work here. +. Create a Lease Obligation Table here (*** This is the major deliverable for Module 2!***) [3] [4] Provide the lease expense schedule that is used to estimate the amortization of the right of use asset in an operating lease. Provide all the Lessee's accounting entries from the inception of the lease to the final day of year 4 when the asset is returned.