Part $1$: At January $1.2024,$ Melvin Company leased a machine from Victor Manufacturer. The following information pertains to the lease: Lease term $3$ years Annual lease payments beginning January $1,2024$ and at each December $31$ thereafter through $2025$ $$60,000$ Present value of lease payments at $5\%($selling price of machine$)$ $$171,5655\%$ Victor Manufacturer's implicit rate $($known by Melvin$)$ On December $31,2026,$ the machine reverts back to Victor. Both companies use straight$-$line depreciation$/$amortization$.$ Assume useful life of machine is $3$ years. The lease is classified as a finance lease$/$sales$-$type lease: What is the amount related to the lease that Melvin will report in its income statement for the year ended December $31,2024?($Ignore income taxes.$)$ What is the balance of lease liability that Melvin will report in its balance sheet at December $31,2024?$ What is the balance of right$-$of$-$use asset that Melvin will report in its balance sheet at December $31,2024?$ What is the amount related to the lease that Melvin will report in its statement of cash flows for the year ended December $31,2024?$ Indicate the category in which to classify cash flows. activities at $($amount$),$ activities $($amount$)$ Assume the cost of the machine on Victor's book is $$136,565.$ What is the amount related to the lease that Victor will report in its income statement for the year ended December $31,2024?$