Question: How do I do this question from the Intro to Financial Accounting book, question 9-71. 9-71 Capital (Financing) Lease On December 31, 20XO, the Jackson

How do I do this question from the Intro to Financial Accounting book, question 9-71.

9-71 Capital (Financing) Lease On December 31, 20XO, the Jackson Building Maintenance Services acquired cleaning equip ment on a capital lease for three annual lease payments of $30,000 each on December 31,20X1 20X2, and 20X3. The implicit interest rate was 10% compounded annually. 1. Compute the present value of the capital lease. 2. Prepare journal entries at the inception of the lease on December 31, 20X0, and for each of the 3 years. Distinguish between the short and long-term classifications of the lease liability

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