On June $30,2025,$ Clark, Incorporated leased warehouse equipment from Woodward, Incorporated. The Icaae agreoment calls for Clark to make semiannual lease payments of $\backslash$$$600,000$ over a $2$ year lease term $($also the awset's uscfull life$),$ payable each June $30$ and December $31,$ with the first payment on June $30,2025.$ Clark's incremental borrowing rate is $\backslash (10\backslash \%\backslash ),$ the same rate Woodward used to calculate lease payment amounts. Woodward manufactured the equipment at a cost of $\backslash$$$1,900,000.1.$ Determine the price at which Woodword is 'selling' the equipment $($present value of the lease paryments$)$ using Excels PV function. $2.$ Prepare the journal entry to rocord the sale by Woodward Incorporated on June $30,2025.4.$ Prepare the journal entry to record the first lease payment recehed by Woodward Incorporated on June $30,2025.5.$ Prepare the journal entry to record the sccond logee payment recelved by Woodword Incorporated on December $31,2025.5.$ Indicate the amounts related to the lease reported on the year cond balance shocts and income statements. $($Ignore tawes$)$