Question: Moving to another question will save this response. Question 7 Apparel Leasing Company signs a lease agreement on January 1, 2021, to lease equipment to

Moving to another question will save this response. Question 7 Apparel Leasing Company signs a lease agreement on January 1, 2021, to lease equipment to Oman Company. The term of the non-cancelable lease is 8 year the end of each year. The following information related to this agreement: 1. The equipment has a cost and fair value of $9,500,000 to Apparel, an estimated useful life of 10 years, and no residual value at the end of that time, Anne 2 Apparel Company desires to earn an 8% return on its investment. Instructions: A) Prepare an amortization schedule for the lessor for 2021 and 2022. B) Prepare the journal entries on the lessor's books on January 1, 2021 and December 31, 2021. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial V 10pt Ex A 7

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