Chapter 15 Homework A Saved Help Save & Exit Submit Brief Exercise 15-4 (Algo) Finance lease; lessee; balance sheet effects [LO15-2] - A lease agreement that qualifies as a finance lease calls for annual lease payments of $24,000 over a four-year lease term (also the asset's useful life), with the first payment at January 1, the beginning of the lease. The interest rate is 5%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 2 points Required: a. Complete the amortization schedule for the first two payments. b. If the lessee's fiscal year is the calendar year, what would be the amount of the lease liability that the lessee would report in its balance sheet at the end of the first year? What would be the interest payable? eBook Complete this question by entering your answers in the tabs below. Reference Required Required A B Complete the amortization schedule for the first two payments. (Enter all amounts as positive values. Round your answers to the nearest whole dollar.) Date Lease Payment Effective Interest Decrease in Balance Outstanding Balance January 1, Year 1 January 1, Year 1 January 1, Year 2 $ 0 0