Question: I'm using excel and am looking for the processes need for each step. Feel free to change the numbers as these are directly from my

I'm using excel and am looking for the processes need for each step. Feel free to change the numbers as these are directly from my homework...I'm not looking for these answers I'd just like the processes so I can find them on my own for this and other questions.

The Harris Company is the lessee on a four-year lease with the following payments at the end of each year:

Year

1 - 19500

2 - 24500

3 - 29500

4 - 34500

An appropriate discount rate is 7 percentage, yielding a present value of $90,024.

a-1.If the lease is an operating lease, what will be the initial value of the right-of-use asset?

a-2.If the lease is an operating lease, what will be the initial value of the lease liability?

a-3.If the lease is an operating lease, what will be the lease expense shown on the income statement at the end of year 1?

a-4.If the lease is an operating lease, what will be the interest expense shown on the income statement at the end of year 1?

a-5.If the lease is an operating lease, what will be the amortization expense shown on the income statement at the end of year 1?

b-1. If the lease is a finance lease, what will be the initial value of the right-of-use asset?

b-2.If the lease is a finance lease, what will be the initial value of the lease liability?

b-3.If the lease is a finance lease, what will be the lease expense shown on the income statement at the end of year 1

b-4.If the lease is a finance lease, what will be the interest expense shown on the income statement at the end of year 1?

b-5.If the lease is a finance lease, what will be the amortization expense shown on the income statement at the end of year 1?

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