Brief Exercise $15-3($Algo$)$ Lessee and lessor; calculate interest; finance$/$sales$-$type lease $[$LO$152]$

A finance lease agreement calls for quarterly lease payments of $\backslash (\backslash$$ $7,812\backslash )$ over a $10-$year lease term, with the first payment on July $1,$ the beginning of the lease. The annual interest rate is $\backslash (12\backslash \%\backslash ).$ Both the present value of the lease payments and the cost of the asset to the lessor are $\backslash (\backslash$$ $186,000\backslash ).$

Required:

a$.$ Prepare a partial amortization table up to the October $1$ payment.

b$.$ What would be the amount of interest expense $($revenue$)$ the lessee $($lessor$)$ would record in conjunction with the second quarterly payment on October $1?$

Complete this question by entering your answers in the tabs below.

Required A

Required B

What would be the amount of interest expense $($revenue$)$ the lessee $($lessor$)$ would record in conjunction with the second quarterly payment on October $1?$

Note: Enter all amounts as positive values. Round your answers to the nearest whole dollar.

Interest expense $($Lessee$)$

Interest revenue $($Lessor$)$ Brief Exercise $15-3($Algo$)$ Lessee and lessor; calculate interest; finance$/$sales$-$type lease $[$LO$152]$

A finance lease agreement calls for quarterly lease payments of $\backslash$$$7,812$ over a $10-$year lease term, with the first payment on July $1,$ the beginning of the lease. The annual interest rate is $\backslash (12\backslash \%\backslash ).$ Both the present value of the lease payments and the cost of the asset to the lessor are $\backslash (\backslash$$ $186,000\backslash ).$

Required:

a$.$ Prepare a partial amortization table up to the October $1$ payment.

b$.$ What would be the amount of interest expense $($revenue$)$ the lessee $($lessor$)$ would record in conjunction with the second quarterly payment on October $1?$

Complete this question by entering your answers in the tabs below.

Prepare a partial amortization table up to the October $1$ payment.

Note: Enter all amounts as positive values. Round your answers to the nearest whole dollar.