PLEASE HELP ASAP !!!!!!!!!!! PLEASE ANSWER THESE QUESTION

Lessee = COL Co Inception of lease = 1/1/16 Payments to be made on 1/1, starting 1/1/16 Leased asset = Equipment Cost = $550,000 Fair value = $550,000 Economic life = 8 years Lease term = 5 years Equipment reverts to Lessor at end of lease term Lease 1 Fair value at 12/31/20 = $35,000 Residual value = $70,000 Guaranteed portion = $50,000 Lessor's implicit rate = 12%, known by Lessee Lessee's incremental borrowing rate = 11% Collection of payments is reasonably predictable No important uncertainties surround amount of costs yet to be incurred by lessor Both parties to the lease: Lease 2 use the straight-line method to depreciate assets have a calendar year-end Lessee = DEN Co Inception of lease = 1/1/16 Payments to be made on 12/31, starting 12/31/16 Leased asset = Machine Cost = $925,000 Fair value = $925,000 Economic life = 10 years Lease term = 4 years Option to puchase the machine at end of lease term = $150,000 Lessee exercises option on 12/31/19 Salvage value: end of lease term (12/31/19) = $450,000 end of economic life (12/31/25) = $75,000 Lessor's implicit rate = 10%, not known by Leasee Lessee's incremental borrowing rate = 10% Collection of payments is reasonably predictable No important uncertainties surround amount of costs yet to be incurred by lessor Both parties to the lease: use the straight-line method to depreciate assets have a calendar year-end ** REQUIRED: [Round all dollar amounts to nearest dollar] For each lease, 1. Determine the periodic rental payment, as computed by the lessor [Use table factors]. 2. Determine the present value of the minimum lease payments for the lessee [Use table factors]. 3. Construct an "amortization schedule" for both lessee and lessor. (you only need to make a single schedule if both parties would use the same one - indicate if so) 4. Prepare all entries during 2016 (1st year of the lease) for both lessee and lessor. 5. Prepare all entries at the end of the lease term (12/31 only) for both the lessee and lessor: LEASE #1: at 12/31/20 LEASE #2: at 12/31/19 6. Provide the balance of lease-related accounts shown on the balance sheet of the lessee and lessor at 12/31/17 (the end of the 2nd year), showing the portion that is current/long-term where applicable