Complete C please. Interest rate is 10%

Exercise 21-10 (Part Level Submission) Morgan Leasing Company signs an agreement on January 1, 2014, to lease equipment to Cole Company. The following information relates to this agreement. of the noncancelable lease is 6 years with no renewal option. The equipment has an estimated economic life of 6 years. 2. The cost of the asset to the lessor is $248,700. The fair value of the asset at January 1, 2014, is $248,700. asset will revert Cole Company assumes direct responsibility for all executory costs. The agreement requires equal annual rental payments, beginning on January 1, 2014. to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $60.192, none of which is guaranteed 6. Collectibility of the lease payments is reasonably predictable. There are no important uncertainties s urrounding the amount of costs yet to be incurred by the lessoc