Part $1$: At January $12024$Norton Company leased a machine from York 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 $2025$ $$50,000$ Present value of lease payments at $8\%($selling price of machine$)$$ $139\mathrm{.}163$ York Manufacturer's implicit rate $($known by Norton $8\%$ On December $31,2026,$ the machine reverts back to YorkBoth companies use straight$-$line depreciation$/$amortizationAssume useful life of machine is $3$ yearsThe lease is classified as a finance lease$/$sales$-$type lease: What is the amount related to the lease that Norton will report in its income statement for the year ended December $31,2024$Ignore income taxes$)$ What is the balance of lease liability that Norton will report in its balance sheet at December $31,2024$ What is the balance of right$-$ofuse asset that Norton will report in its balance sheet at December $31,2024$ What is the amount related to the bonds that Norton 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$)$activitiesamount$)$ Assume the cost of the machine on York's book is $$89\mathrm{.}163$What is the amount related to the lease that York will report in its income statement for the year ended December $31,2024$Part $2$: At January $1,2024$ Norton Company leased a machine from York Manufacturer. The following information pertains to the lease Lease term $3$ years Annual lease payments beginning January $12024$ and at each December $31$ thereafter through $2025$ $$50,000$ Present value of lease payments at $8\%$ $$139\mathrm{.}163$ York Manufacturer's implicit rate $($known by Norton$)8\%$ On December $31,2026,$ the machine reverts back to YorkBoth companies use straight$-$line depreciation$/$amortizationAssume useful life of machine is $5$ yearsFair value of equipment is $$200,000$The lease is classified as an operating lease: What is the balance of rightofuse asset that Norton will report in its balance sheet at December $31,2024$