On April $30,2018,$ Saric Inc. leased warehouse equipment from Brown Corp. The lease agreement calls for Saric to make semiannual lease payments of $$120,000$ over a $15-$year lease term, payable each April $30$ and October $31,$ with the first payment on April $30,2018.$ Saric's incremental borrowing rate is $8\%,$ the same rate Brown used to calculate lease payment amounts. Brown purchased the warehouse equipment at a cost of $$1,800,000$ on April $29,2018$ with an expected useful life of $18$ years and no salvage value. The fiscal year for both Saric and Brown ends on December $31.$

Required:

a$.$ What are the present value of the lease payments on April $30,2018?$

b$.$ Starting on April $30,2018$ prepare all journal entries related to the lease that Saric would have to

make through December $31,2020.$

c$.$ Starting on April $30,2018$ prepare all journal entries related to the lease that Brown would have

to make through December $31,2020.$

d$.$ e$.$ f$.$ What amounts related to the lease would Saric report on its balance sheet on December $31,2018,$

December $31,2019,$ and December $31,2020?$

What amounts related to the lease would Saric report on its income statement for the years ending

December $31,2018,$ December $31,2019,$ and December $31,2020?$

What amounts related to the lease would Brown report on its balance sheet on December $31,$

$2018,$ December $31,2019,$ and December $31,2020?$

g$.$ What amounts related to the lease would Brown report on its income statement for the years

ending December $31,2018,$ December $31,2019,$ and December $31,2020?$