If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Round answers to the nearest whole dollar. Balance Sheet Income Statement Net Stockholders Equity Assets Liabilities Revenues Expenses Income Leased Asset 0 x Lease Obligation 0 x 0 No Entry . o No Entry 0 0 Explain why the value of the leased asset is not recorded at $5,724 ($1,431 x 4). The leased asset should be reported at the present value of the payments which is ( s o X not at 0 x Foodback b. Identify and analyze the effect of the first lease payment on December 31, 2017 Activity Operating and Financing Cash Decrease, Lease Obligation Decrease Interest Expense Increase Accounts Statement(s) Balance Sheet and Income Statement Foodback How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Round answers to the nearest whole dollar. Balance Sheet Income Statement Net Stockholders Equity Assets = Liabilities Revenues Expenses Income Cash OX Lease Obligation OX ox No Entry 0 Interest Expense ox Foodhack c. Calculate the amount of depreciation expense for the year 2017. Round answer to the nearest whole dollar. d. At what amount would the lease obligation be presented on the balance sheet as of December 31, 2017? Round answers to the nearest whole dollar. Current liability portion 10 Long-term liability portion If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Round answers to the nearest whole dollar. Balance Sheet Income Statement Net Stockholders Equity Assets Liabilities Revenues Expenses Income Leased Asset 0 x Lease Obligation 0 x 0 No Entry . o No Entry 0 0 Explain why the value of the leased asset is not recorded at $5,724 ($1,431 x 4). The leased asset should be reported at the present value of the payments which is ( s o X not at 0 x Foodback b. Identify and analyze the effect of the first lease payment on December 31, 2017 Activity Operating and Financing Cash Decrease, Lease Obligation Decrease Interest Expense Increase Accounts Statement(s) Balance Sheet and Income Statement Foodback How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Round answers to the nearest whole dollar. Balance Sheet Income Statement Net Stockholders Equity Assets = Liabilities Revenues Expenses Income Cash OX Lease Obligation OX ox No Entry 0 Interest Expense ox Foodhack c. Calculate the amount of depreciation expense for the year 2017. Round answer to the nearest whole dollar. d. At what amount would the lease obligation be presented on the balance sheet as of December 31, 2017? Round answers to the nearest whole dollar. Current liability portion 10 Long-term liability portion