At January $1,2024,$ Cafe Med leased restaurant equipment from Cresent Corporation under a nine year lease agreement. The lease agreement specifies annual payments of $$30,000$ beginning January $1,2024,$ the beginning of the lease, and on each December $31,$ therefore through $2031.$ The equipment was acquired recently by Crescent at a cost of $$225,000$ and was expected to have a useful life of $13$ years with no salvage value at the end of its life. Because the lease term is only $9$ years, the asset does have an expected residual value at the end of the lease term of $$127,481.$ Crescent seeks a $12\%$ return on tis lease investment. What will be the effect of the lease on Cafe Med's Earnings for the first year $($ignore taxes$)?$ What will be the balance in the balance sheet accounts related to the lease at the end of the first year for Cafe Med $($ignore taxes$)?$