calculations, explanations will help! thanks.

Question 3 -/1 View Policies Current Attempt in Progress Ivanhoe Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $50,025 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 3, Ivanhoe's incremental borrowing rate is 5%. Ivanhoe is unaware of the rate being used by the lessor At the end of the lease, Ivanhoe has the option to buy the equipment for $5.000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Ivanhoe uses the straight line method of depreciation on similar owned equipment Click here to view factor tables Prepare the journal entries, that Ivanhoe should record on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. I no entry is required, select "No Entry for the account titles and enter for the amounts. Round present value factor calculations to 5 decimal ploonses 1.25124 and the final answers to decimal places, 58,971) Date Account Titles and Explanation December 31, 2020 Debit Credit (To record leased asset and related liability.) (To record the first rental payment.) Prepare the journal entries, that Ivanhoe should record on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manual required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation December 31, 2021 (To record amortization.) (To record annual payment on lease liability.) e Textbook and Media List of Accounts Prepare the journal entries, that Ivanhoe should record on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not ind required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places eg. 58,971.) Debit Date Account Titles and Explanation December 31, 2022 Credit (To record annual amortization on leased assets.) (To record annual payment on lease liability.) e Textbook and Media List of Accounts What amounts would appear on Ivanhoe's December 31, 2022, balance sheet relative to the lease arrangement? (Round answers to decimal places, eg. 5 IVANHOE STEEL COMPANY Balance Sheet Assets $ Liabilities $ $ e Textbook and Media List of Accounts Ivanhoe Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $50,025 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 3%; Ivanhoe's incremental borrowing rate is 5%. Ivanhoe is unaware of the rate being used by the lessor. At the end of the lease, Ivanhoe has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Ivanhoe uses the straight-line method of depreciation on similar owned equipment. Click here to view factor tables. Prepare the journal entries, that Ivanhoe should record on December 31, 2020. (Credit amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to O decimal places, e.g. 58,971.) Date Account Titles and Explanation December 31, 2020 (To record leased asset and related liability.) (To record the first rental payment.) Prepare the journal entries, that Ivanhoe should record on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation December 31, 2021 (To record amortization.) (To record annual payment on lease liability.) e Textbook and Media Prepare the journal entries, that Ivanhoe should record on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places e.g. 58,971.) Date Account Titles and Explanation December 31, 2022 (To record annual amortization on leased assets.) (To record annual payment on lease liability.) e Textbook and Media What amounts would appear on Ivanhoe's December 31, 2022, balance sheet relative to the lease arrangement? (Round answers to 0 decimal places, e.g. 58,971.) What amounts would appear on Ivanhoe's December 31, 2022, balance sheet relative to the lease IVANHOE STEEL COMPANY Balance Sheet Assets 7 $ Liabilities $ $ e Textbook and Media