Question: Please show the steps to the working. Thank you! Problem 17-10 (Static) (LO 17-4) Reynolds County has three large trucks with a total net book

Please show the steps to the working. Thank you!

Problem 17-10 (Static) (LO 17-4) Reynolds County has three large trucks with a total net book value of $600,000 and remaining lives of six years with no expected residual value. County officials lease the trucks to the City of Webster on January 1, 2020, for six years. Based on a negotiated annual implicit interest rate of 5 percent, the parties agree on annual payments of $112,581 beginning immediately and each January 1 thereafter. For both governments, the trucks relate to activities maintained with the General Fund. What is the total amount of expenditures that Webster will report on its fund financial statements for the governmental funds for 2020

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